Eight Neutral Bay strata owners combine to offer amalgamated holding

Colliers International have listed a $20 million plus Neutral Bay development site.

It has been listed by eight strata owners.

They have banded together to capitalise on the scarcity of available development land on Sydney's Lower North Shore.

It is a "land rich" offering at 85 Kurraba Road, some 1,454 square metre with an R4 High-Density Residential zoning and 12-metre height limit.

It was "perfect for those looking to construct a luxury boutique development with city and harbour views only a short stroll to Kurraba Point Ferry Wharf", Guillaume Volz of Colliers International.

It is being market with offers closing July 18.

Banding together regularly achieves double the value of a single unit, Colliers suggest.

“We’ve seen a growing trend for properties with underutilised land surrounding established unit blocks on the North Shore,” says Joseph George at Colliers International.