This article is from the Australian Property Journal archive
EIGHT owners have banded together to sell off a 1,454 sqm site in Sydney’s north shore suburb of Neutral Bay for more than $20 million.
Colliers International’s Guillaume Volz and sold 85 Kurraba Road, which was offered in one line, and is zoned R4 High-Density Residential with a 12-metre height limit, and earmarked for a luxury boutique residential development.
Local developer Avance Property was the purchaser.
Volz said the 12 offers were received of more than $20 million for the site.
“The sale demonstrates the flight to quality for boutique sites amongst astute buyers, driven by strong buyer demand for the end project as right-size buyers look to stay in the area and are happy to sell their family homes on the North Shore, in exchange for quality and larger apartments,” he said.
The property is on an elevated position on the Kurraba Point ridge offering city and harbour views, and 300 metres from Kurraba Point Wharf.
“It’s tailored for an owner occupier focused development, and the lower north shore residential market has been in high demand from local purchasers.”
Last year, an apartment block with eight units on the nearby 531 sqm site at 9 Colindia Avenue sold for $5.595 million, also with R4 zoning.
Australian Property Journal
