The agents are likening the sale, achieved under the State Goverment’s LMR housing policy, a “gold rush” and “jackpot” for the sellers.
Two old blocks of flats have sold for more than $65m in what the agents are likening to a “gold rush” and “jackpot” for the sellers.
The hushed up sale included 13 Moruben Rd, Mosman – a 1940s red-brick block of six flats on 581sq m – and 15 Moruben Rd – a blonde-brick late 1960s block of 11 flats.
The lead agent behind the huge deal, Nadine Marando of McGrath Mosman, with her colleague Nick Gittoes alongside acquisition specialists Chaim Lider and Emilie McKenna of Chem Property, said it took about eight months of negotiations with the 17 individual owners.
The buyer is an undisclosed major developer, though other sources indicate it was Made Property.
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The flats on the now amalgamated 1,648sqm site were built in the 1940s and late 1960s.
“We found the buyer and the offer was too good to refuse,” Ms Marando said.
However, she said that initially not all of the owners were on board.
“The view is everything in that location … if you’re a certain age group, you don’t want to be distracted, it doesn’t matter how much money you throw at them.”
But in the end, even though the law requires just 75 per cent of owners in apartment blocks to agree to sell, Ms Marando said everyone signed up.
“Pretty much the whole street will be sold off, there will be construction either side,” she said.
At least two other projects are awaiting approval by Mosman Council.
But the sale was made possible because of the state government’s housing initiative to promote new apartments, introduced last February.
The new luxury apartments will have incredible harbour views.
The Low and Mid-Rise Housing Policy permits developers to bypass council’s traditional controls on height and density.
“LMR is like the gold rush,” Ms Marando said.
“We saw the opportunity and ran with it and ended up with one of the top three site sales, and the highest in the street.”
She didn’t want to go into the specifics of what may be built there.
“It will be the best view, so it will be amazing whatever they build there.”
At $65m, the sales equate to about $3.82m per unit, though the actual amount each of the 17 owners receive will be dependant on lot size.
One of the owners had paid just $235k in 1999 for their one-bedder at 7/15 Moruben Rd.
Mr Gittoes said the buyers had “hit the jackpot”.
It’s likely six-storey apartment blocks will be built on the amalgamated 1,648sqm site.
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