Another megablock involving the amalgamation of six unit blocks with 80 apartments in Sydney’s Macquarie Park has sold to an offshore developer for more than $50 million.
The 5450sq m block at 2-10 and 14 Cottonwood Crescent will offer the buyer nearly all of one side of the short street for development, directly opposite Macquarie Shopping Centre.
The site allows development up to 65 metres and at a floor space ratio of 4.5:1, the site can yield nearly 25,000sq m in mixed-use development.
The developer acquired the initial block of five strata buildings at 2-10 Cottonwood Crescent through an expressions of interest transaction. Only 75 per cent of the owners of the five blocks agreed to sell, so the developer will acquire the remainder through NSW’s recent strata renewal sale process, where 75 per cent of apartment owners can force the sale of a block.
Separately, the developer negotiated the off-market purchase of 21 units at 14 Cottonwood Crescent.
Most of Cottonwood Crescent has now been sold to developers for high-rise and development, as the business park, which is an urban renewal precinct, continues to boom.
Earlier this year, the site at 1-3 Cottonwood Crescent and 2-4 Lachlan Avenue bagged the record as the first sale to trigger the 75 per cent strata renewal process. That site has gone to a student accommodation provider to provide housing to students in nearby Macquarie University.
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REF: Commercial Real Estate