Strata owners unite, sell building to neighbour
EXCLUSIVE
The owners of 22 suites in a Sydney strata office building have united to sell the property to a developer.
Central Element is paying just over $20 million for 130-134 Pacific Highway, Greenwich, covering 1258 square metres on the south west corner of Anglo Road.
The off-market deal comes seven months since the group outlaid $17m for 126 Pacific Highway, on 1232 sqm on the south east corner of Anglo.
The developer is planning to replace both rundown buildings with seniors’ living complexes; containing a total 59 dwellings, Marchese Partners is the architect.
Greenwich, on the Lower North Shore, is about five kilometres north west of town.
Capex costs motivate vendors
The capex requirements for 130-134 Pacific Hwy, also known as Greenwich Square, helped motivate the sale, Colliers marketing agent, Tom Appleby, said (story continues below).
The deal structure, also known as a collective sale, is becoming more common, especially in New South Wales, where the majority of strata owners can force a building sale (in most other states, a 100pc agreement is required).
In 2021, the owners of a spectacularly located office and retail building in Melbourne’s South Yarra united to sell to developer, Oreana, which had recently bought a major block next door.
The vendors were able to derive a premium on the price units would have achieved if marketed individually.
Emmetts’ Charles Emmett was the agent.
That deal was also off-market.
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