Homeowners unite for $60m

HUNDREDS of neighbours have quietly joined forces across The Hills hoping to sell as mega-lots to developers once the new train line is up and running.

A group of 26 homeowners at Baulkham Hills made headlines last week after bundling their properties together with an expected sale price of $60 million.

The residents have worked together for the past 12 months and are confident the 19,823 sqm site, adjoining the Stockland shopping centre, will attract strong interest. It consists of freehold residential properties in Windsor Rd, Kinley Place and Dobson Crescent.

“Given the planning controls achieved for approved developments in proximity to the site, we believe there is genuine scope for additional development uplift,” said Henry Burke, national director of investment services at Colliers International.

The group is not alone in its ambition to sell as one substantial lot. Agents have been liaising with large groups of homeowners in suburbs including Cherrybrook and Castle Hill, who are waiting off-market for planning changes.

Philip Kelly, of Ray White Castle Hill, said some groups had already successfully sold to developers but uncertainty about density had held up other potential deals.

“Our experience is that there have just been too many road blocks in the way of development,’’ he said.

“A few years ago we were seeing a lot more of these projects getting off the ground.

“There are plenty (of groups) around that would entertain the right opportunity if it did come along — it is just a bit of a wait and see.

“Plans could come out tomorrow that could change everything.’’

More than a dozen amalgamated sites are listed on commericalrealestate.com.au but not all are currently active.

Michael Sullivan, Colliers senior executive of development sites, said it was difficult to know the actual number of neighbours in The Hills who were planning on selling together.

Colliers has held discussion groups in six streets in Cherrybrook with an average of 30 to 40 houses.

One amalgamated site at Dunraven Way comprising of 12 properties was listed on the market but they have now decided to wait until planning is officially announced.

A member of another large group in Castle Hill, who did not want to be named, said while selling as one site may seem like an attractive option, many negotiations had currently stalled. He said developers would now wait until the current apartment supply was taken up and planning was confirmed around transport hubs.

“A lot of these groups have broken up, gotten smaller or the sales have fallen through as the heat has gone out of the market and nothing is really going to happen for two to three years,’’ he said.