Home owners unite, sell to developer
Twelve Rose Bay home owners will each bank over $15 million after banding with neighbours and selling to a developer, leveraging new planning laws.
Aged care provider, Waterbrook Retirement Living, is buying the 5979 square metre amalgamation, for $173m.
The group outbid residential builders. The median apartment price in the exclusive suburb is c$1.83m, according to REA Group. New product can sell $15m, the marketing agents said.
A six level project rising 22 metres could be considered given the recently adopted Low-and-Mid Rise (LMR) Density Housing Policy, which aims to create medium and high density residential product in established Sydney suburbs.
High density residential development site
Covering 41-55 Dover Road and 32-38 Wilberforce Avenue, also exposed to Spencer Lane, the Rose Bay site was marketed for its straightforward development upside, with potential design and construction efficiencies.
Projects incorporating affordable housing provisions could be a further 30 per cent in height and floor space ratio (FSR) – all up containing 17,099 square metres.
Upper levels of any complex would capture water views (pictured, top).
The site is also walking distance to Rose Bay Village.
1st City’s Brad Caldwell-Eyles and Julian Hasemer with Colliers’ Guillaume Volze were the agents, closing an expressions of interest campaign in June.
The deal comes a fortnight since we reported Inca Property Group bought a unit block in Mona Vale also affected by the LMR Density Housing Policy.
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