Strata owners unite, sell block for $130m
Danny Avidan’s Dare Property Group has bought a major waterfront development site – an underutilised block of flats – after striking a deal with the 31 strata owners.
The deal for 72-76 St Georges Crescent, Drummoyne, is worth about $130 million.
The 6859 square metre site has harbour views.
It also has 57 metres of water frontage and a permit for a private jetty/wharf.
Stanton Hillier Parker selling agents Michael Stokes, Steven Kruyer and Guy Yarden said recent planning amendments allowing for a much taller, denser building, significantly boosted value (continues below).
The deal comes six months since Dare and Fortis paid $41m for a Point Piper block with plans for 13 dwellings.
In 2024 meanwhile, Mr Avidan, also the husband of clothing designer Charlie Brown, sold a site in Melbourne’s Fitzroy with plans for a residential redevelopment.
Also today we are reporting the owners of six apartments in Melbourne’s Toorak banded to sell the site to a developer.
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