Two Clovelly homeowners are celebrating their windfall after a Sydney developer splashed out $9 million on their humble neighbouring properties to make way for apartments.
The Barua Group set a new record for the area after it purchased the two Californian bungalows at 31 and 33 Melrose Pde, which had an individual value of about $3 million each.
So the families, who weren’t available to comment, have made 50 per cent more than they would have if they’d sold them separately.
CoreLogic records show the owners of No. 31 had bought their three-bedroom home on a 300 sq m block for $705,000 in 1998.
The family at No. 33 bought their four-bedroom home on a 481 sqm block for $2,445,000 in 2012.
The combined site area of 959 sqm — zoned Medium Density with a 12m development height limit — close by the beach proved an attractive proposition.
CBRE agents Nicholas Heaton, Gemma Isgro and Paul Grasso said managed the competitive
sales campaign, which attracted the interest of more than 460 developers.
The site are slated to accommodate seven three-bedroom apartments – reflecting a record individual unit price of $1.285 million.
Mr Heaton said the strong interest received highlighted the growing demand for
boutique development projects in Sydney’s eastern suburbs.
“Developers who have been traditionally focused on larger projects in the western
suburbs are now looking to undertake smaller, more boutique projects in the east —
capitalising on the growing number of downsizers looking to buy apartments in the
area,” Mr Heaton said.
“Growing demand for this lifestyle change, coupled with the limited availability of
suitable development sites, is driving up both unit prices and land value.”
Ms Isgro said the rarity of the offering underpinned strong buyer interest from local,
domestic and offshore developers.
“It is rare to find development sites such as this in Sydney’s sought-after eastern
suburbs that are positioned close to the coast line and offer ocean views,” Ms Isgro
The perfect downsizer
Property investor Richard Chapman has found a niche creating perfect homes for downsizers in Bellevue Hill.
The British-born former Price Waterhouse Coopers accountant built a duplex in Balfour Rd last year.
But his latest four-bedroom, two-bathroom offering at 17 Fairweather St is even better, coming with a double garage, big laundry and extra storage in the basement. A lift whisks residents between all three levels. And there’s a solar-heated pool in the north-facing courtyard. Leading agent Gavin Rubinstein has a $3.7m guide.
Mr Chapman loves his product so much he and wife, Alla, live in the one next door with children Annabelle, 3, and Sebastian, 1.
He’s about to start a block of four, again with private lifts, in Bundarra Rd.
Designer heaven in Darlo
This three-level Republic 2 sub-penthouse at 301/50 Burton St, Darlinghurst, owned by Bangkok-based retired Willis Towers Watson executive Andrew Heard, is getting lots of attention from downsizers and professionals via David Servi of Spencer & Servi. With two-bedrooms, two bathrooms and double parking, there’s 172 sqm of floorspace, including the rooftop terrace (below) which has incredible city skyline views. The apartment is extremely private and has a glass-encased living and dining space. The BKH Architects-designed complex has an outdoor pool, gym, sauna and concierge. It’s up for June 1 auction with a $2m-$2.2m price guide.
It’s pretty small — just 37 sqm — but this Potts Point unit is a winner. The unit at 55/45 Macleay St has iconic harbour views and a $600,000 to $650,000 guide through Nuri Shik of Laing + Simmons Potts Point.