Nine neighbours selling their properties in a bid to get a bigger price
NINE Sydney homeowners are selling their properties together in the hope of getting a bigger price — and it’s all because one of them went door knocking to his neighbours.
Manly
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NINE neighbours are selling their properties together in the hope of getting a bigger price — and already developers are interested.
The Mona Vale residents say the suburb is about to explode with new residents and are keen to get in early to attract developers to buy their landholdings, just 550m from the town centre and 50m from Pittwater RSL.
Six weeks ago Bede Cooper, of Brinawa St, called in some real estate agents to appraise his home but was disappointed with the valuation.
“The agent said this area is going to become another Chatswood with improved roads, the B-Line and a business hub and yet I was so disappointed with the value she put on my property,” he said.
So he approached his immediate neighbours to see if they were interested in selling together. Now nine homeowners in Brinawa St and Mona Vale Rd have agreed to offer their blocks as an amalgamated site.
An aerial view of the site is pictured top right. A 10th homeowner is not part of the group of nine.
Selling agent Stuart Bath, of Skyline Real Estate, said by merging they could expect 25 to 30 per cent more for their homes. Mr Bath is promoting the 6295 sqm parcel of land as a possible seniors living site with up to 60 units.
“This zoning is suitable for seniors living style units and townhouses. There is also potential to rezone, subject to council approval,” he said.
The median house price in Mona Vale is $1.75 million, according to CoreLogic, which would mean the nine houses together would be worth around $16 million. However the homeowners are hoping for around $2.6 million to $2.7 million each meaning the amalgamated site would sell for more than $23 million.
Mr Bath advertised the site on Thursday with expressions of interest closing August 31. He had interest within hours.
“Developers have been doing their figures for over-55 housing because the floor-to-space ratio is lower,” he said.
The nine vendors range from Mr Cooper who has lived in Brinawa St for six years to George and Fiammetta Morello who have lived in the street for 51 years.
There is also a mix of retirees and young families. Brinawa St already has a retirement village at one end and units at the other. Mr Bath said there was a need for seniors accommodation.
“Mona Vale has a population of about 10,700 people and 45 per cent are maturing, elderly singles or couples. This site is very opportunistic to capture this buyer group and tap into this vast market of much needed accommodation,” he said.
Mrs Morello would consider buying back into the development as she loves the area: “It is a beautiful area and you have the doctor, shops and buses all close by.”
Northern Beaches Council would have to assess any DA, but State Government policy means seniors living is permissible.
Mayor Michael Regan said the council “remains concerned about ad hoc planning that is the result of the affordable housing and seniors living”.
He said the council was having positive discussions about policy issues with NSW Planning Minister Anthony Roberts.
