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06 Sep 2024

Sydney Neighbours Unite for $75 Million Deal

Sydney Neighbours Unite for $75 Million Deal

A group of Sydney neighbours have come together to sell their properties in one massive package that could fetch $75 million.

The decision arises as housing reform presents the chance for low to medium-rise development in a wider range of suburbs across New South Wales.

 

Colliers International is overseeing the campaign for the 2593 square metre parcel, which targets a developer keen on constructing more housing.

Mosman’s local council has set a five-year goal of 500 new properties, an increase from the prior benchmark of 300 dwellings between 2021 and 2026, aligning with government aspirations to enhance the state’s supply.

The New South Wales government’s planning adjustments aim to narrow the gap between houses and high-rise apartments by creating opportunities for more low to medium-density properties, including terraces and dual occupancy townhouses, as well as blocks up to six storeys.

 

Starting from July 1, dual occupancies and semi-detached homes will be permitted in all R2 zones, with councils given time to update their development codes.

This alteration has opened up planning possibilities in 124 local council areas throughout the state.

Bond Street is zoned R3 for medium density with a 22-metre height limit. The proposed R3 reforms allow for apartment development close to town centres and public transport. This will introduce a range of housing options within a community, mere minutes away from essential amenities, according to a government statement.

 

Colliers National Director Guillaume Volz, Associate Director Marina Corvalan, and Director Eugene White are promoting the extensive plot as a "boutique residential development opportunity" in one of "Sydney’s most affluent and desired suburbs".

Find out more: Domain

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