Daniel Johns' Bondi Beach auction result

Daniel Johns' Bondi Beach auction result
Daniel Johns' Bondi Beach auction result

The former Silverchair front man Daniel Johns joined with the other owners in his 1960s Bondi Beach apartment block hoping to ride the wave to property riches.

The seven apartments were offered in one line at auction last night, but the bidding went no higher than their $12 million vendor bid.

The Nightingale Village that have beach views attracted two developer bidders when offered through Seaton Jones of Ray White TaylorJones.

Johns owns two of the higher level apartments in the four level Campbell Parade complex having bought in 2001 costing $1.6 million.

He lived in the building for a short time before leasing the properties. He stands to secure around 33 percent of any eventual sale proceeds.

Spanning four levels, the entire block comes with six two-bedroom apartments and a one one-bedroom unit.

It was marketed as a duplex project or for the buyer to create their own home.

A group of 12 Queenscliff apartment neighbours triumphantly pocketed $10.1 million for their virtually uninhabitable clifftop apartment complex last month.

A private northern beaches builder bought the Queenscliff site, beating interstate investors and a Chinese group.

Auctioneer Damien Cooley noted there's an emerging trend across Sydney where neighbours - more so houses than apartments - are banding together to sell their homes in single amalgamated deals to developers.

It has been happening especially in response to government infrastructure programs on established or proposed public transport routes.

Estate agent John McGrath recently suggested "the ‘mega lot’ trend was a fantastic example of people power and creatively leveraging market conditions to your benefit."

"Some home owners are motivated by the financial windfall that comes with selling to a developer."

In St Leonards, nine home owners sold to a Hong Kong developer for about $66 million, netting an average of $7.3 million per vendor, he said.

McGrath suggested that caution was needed.

"You’ll need an iron-clad agreement with your fellow sellers stipulating the terms of the sale (especially settlement periods and whether the sale relies on official re-zoning before exchange), the division of sale proceeds and a commitment from everyone to proceed."

This article was first published in the Daily Telegraph.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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