55 millionaires in Macquarie Park site consolidation

55 millionaires in Macquarie Park site consolidation
55 millionaires in Macquarie Park site consolidation

Some 55 homeowners in Sydney’s Macquarie Park have become instant millionaires in one of the biggest amalgamations in the country, with a private developer paying $80 million.

The 5,130sqm site situated at 15-21 Cottonwood Crescent has potential for a new mixed use landmark tower of 270 apartments plus ground floor commercial suites (STCA) extending up to 65 metres, circa 21 storeys.

Providing approximately 23,085sq m of Gross Floor Area, the site was sold in two stages, with the purchaser first securing 15-19 Cottonwood Crescent, and later 21 Cottonwood Crescent, resulting in the strongest sales rate per square metre of proposed GFA achieved to date for a collective sale.

Stuart Cox and Neil Cooke of Savills Australia conducted a five week campaign that resulted in over 220 enquiries being received.

There were over 50 requests for the due diligence material, resulting in 13 offers received at the close of the EOI.

According to Stuart Cox, Director of Residential Site Sales at Savills Australia, this site was considered one of the most premium sites offered to the market within Macquarie Park given its elevated nature perched high upon the intersection of Waterloo Road and Cottonwood Crescent, its close proximity to Macquarie Centre, Macquarie University Railway Station and Macquarie University.

“Given the strong demand for the site, we undertook a second round EOI that resulted in a record sale price being achieved for the site.

“Of the 13 EOI’s received, 12 were from offshore large scale Asian developers drawn to the area by the vast array of amenities on offer within this suburb, namely retail, education and excellent transport” he said.

The site benefits from an amazing northerly aspect overlooking Macquarie Centre as well as over Elouera Reserve to the north-western elevation.

All future redevelopment in this area will be constructed to the south of the site.

The lawyer acting for the owners, Mr Ian McKnight of ClarkeKann Lawyers, said that he was able to devise a legally innovative and effective means to enable the owners to collectively sell their properties which provided a lot of certainty for both sides during the sale campaign.

According to Neil Cooke, Director of Residential Site Sales at Savills Australia, 91 per cent of the neighbours agreed to combine their properties in a bid to further evolve the master planned community of Macquarie Park.

“The new Strata Law reform legislation, particularly in well located areas, gives owners whom join together in a collective sale offering of over 75 per cent, substantial uplift benefit at a time when their existing capital works programs are becoming cost prohibitive."

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Savills Macquarie Park

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