Apartment owners unite, sell to developer
The owners of 45 apartments in three buildings in Sydney’s north west Macquarie Park have banded to sell to a developer.
The c3330 square metre amalgamation, 5 and 7 Cottonwood Crescent and 8 Lachlan Avenue, set Point Property Group back $47.25 million.
Student accommodation, with more than 600 dwellings, is planned.
Developers Hyecorp and Romeciti were amongst the sellers; the latter was also behind a 20 level apartment building proposal across the road (14-16 Lachlan Ave).
More Sydney strata owners sell up
The Point block is diagonally adjacent to Wilga Park.
The deal took two years to broker.
In New South Wales, a quorum which makes up 75 per cent of a scheme is needed to compel a sale.
Danny Yap and Tracy Yap from Tracy Yap Realty were the agents.
Costi Cohen’s Tas Costi acted for Point.
The deal comes five months since we reported BGO Strategic Capital and Hotel Capital Partners bought Potts Point’s Central Hotel from 73 strata owners.
Last November meanwhile, 22 strata office owners sold a Greenwich complex on 1258 sqm to developer Central Element.
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