Deicorp spends $140m for Lindfield amalgamation
Deicorp has swooped on an amalgamation of low density homes in Sydney’s Lindfield with plans for apartments.
In the unusual deal, the group outlaid $53.6 million for 9-15 Beaconsfield Parade – all up covering 4529 sqm – which was for public sale.
The developer then negotiated with the owners of six neighbouring dwellings, 15A-21 Beaconsfield Pde, for their homes.
Covering 8576 sqm and sloping (Google Street View image, right), that component set Deicorp back $86.4m.
Apartments planned
The Beaconsfield Pde properties are affected by recent planning changes, the Transport Oriented Development reform, allowing buildings up to 22 metres – or six storeys.
Projects can also have bulk, with a 2:5:1 floor space ratio.
Savills’ Johnathon Broome, Stuart Cox and Neil Cooke marketed 9-15 Beaconsfield Pde.
Propertyfox’s Benjamin Evans brokered the deal for #15A-21.
“The negotiation involved resolving ownership complexities, managing stakeholder expectations and navigating the Ku-ring-gai Council planning framework,” he said.
“These negotiations were incredibly nuanced – some vendors had been previously burned, others had complex family dynamics,” he added.
“Deicorp’s persistence and patience paid off and the planning hurdles have been largely overcome,” according to the executive.
Lindfield, about 13 kilometres north west of town, carries a median two bedroom apartment price of just over $1m.
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