An agent has found himself in the unique position of being both the vendor and listing agent for a block in Sydney’s north, with 15 properties consolidated into a single site to capitalise on growing developer interest in the region.
A collection of 15 homes in Pymble in Sydney’s Upper North Shore has banded together to sell an entire suburban block, in a bid to appeal to developers in the area.
Amongst the collective of homes in the block is REMAX Prestige managing director Joseph Choi, who said the sale had been a long-term project, more than 12 months in the making.
Choi said he was initially approached by a neighbour, who got the ball rolling on the idea before the site was declared a State Significant Development site for residential use.
Once it was rezoned to allow for developers to build up to 380 apartments on the site and given its proximity to Pymble train station, the collective identified an opportunity to sell to developers at a higher value than they would achieve on their individual properties.
“All the ideas came together, all 15 owners agreed to put the properties up as one single sales contract, and that’s how I ended up putting it on the market,” Choi said.
Chois said that while he had previously had difficulties with clients’ expectations and shared goals in similar consolidated listings, this time around the process was more seamless.
“It was a smoother process than I expected.”
“At first I thought it was going to take a tremendous amount of time and that I would be in never-ending communication with the neighbours, but they have all been very supportive.”
“Without their support, it would have been impossible to list the property in this way.”
Choi said he had learned from the previous listing, bringing an understanding that even when working towards a shared goal, everyone had different expectations based on their own life experiences.
“I learned that everyone has a different story.”
“Not everyone has the experience of selling their property, so it’s quite natural that they don’t understand the process.”
Choi said that through the previous listing, he learned how to balance a range of communication styles and schedules
He said the process gave him a unique experience, as he had to go beyond his typical agent role and be involved in the approval process for developments on the land.
“Normally, consulting is not our job; our job is presenting the property to prospective buyers.”
“We did this so we could show them the vision, how this was going to uplift the value and create a smoother pathway for developers.”
With a median house price of $3.7 million in the Pymble market, Choi said the site was tipped to sell for more than $120 million.
Choi said that despite the global uncertainty, the site was still receiving significant interest from developers.
“Maybe it’s not the ideal time to sell, but the good properties always sell,” Choi concluded.
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