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Apartment owners in Cronulla have united to get top dollar for their flats.
More than $38 million will be split between the 30 individual owners, making way to new investment in the seaside town.
The two three-storey residential blocks were sold by JLL’s Dylan McEvoy and Ben Hunter, and they received a lot of interest offshore.
“Throughout the past 12 months, we have noticed a change in buyer appetite from offshore to local buyers of premium development sites,” Mr Hunter said.
The site is part of Sutherland Shire Council, and it has B3 commercial core zoning with the ability to potentially build a 10-storey building there.
“We are witnessing a renewed willingness from developers who are expressing a preference for well-located sites in strong demographic areas such as Cronulla,” Mr McEvoy said.
“This offering represents a rare scenario; it is almost unheard of to see a strata property of this scale offered in one line in such a prime location.
“Rising land prices, coupled with strong demand for a mix-of-use sites, have made this scenario more desirable given the premium for combined sales prices compared to individual unit sale prices, and in this instance, some owners almost doubled their money by amalgamating together.”
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