Amalgamation equals profit for neighbours
Seven neighbours in the Sydney suburb of Manly Vale have taken advantage of growth in the area to band together and sell their properties to developers.
The properties combined equal 2,785 square meters of R2-zoned land, which permits dual occupancies and multi-dwelling houses.
The current price guide for the lots located at 38-50 Kenneth Road is $13-$16 million.
“The vendors are flexible and willing to take an option on the land while the developer applies to council,” selling agent Jacquelynn Watson, from Ray White Balgowlah, said.
“There are units to the left and right of these properties and the area is growing rapidly.”
The area has development approval for a B-line express bus terminal and car park – only 350 meters from the properties – and a $24 million upgrade of Manly Vale Public School.
“Whatever you build there will go like hotcakes. You will sell them off-the-plan, it is a no brainer,” Ms Watson said.
“You don’t see this size blocks of land for sale around here anymore. It is a very rare opportunity. You only have to cut through a few streets and you are on Manly Beach. In contrast to the northern beaches’ rugged coastline, it is a level walk to the beach which is one of the big selling points of these properties,” she said.
The property guide for the area shows similar individual properties have previously sold for $1.8 million.
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