Meet the apartment owners teaming up for a $100m+ sale

Owners of a 31-unit block with sweeping waterfront and harbour views have united to sell in hopes of a $100 million-plus windfall

Dominic David looks out of his kitchen window, and sees 55 metres of rolling green lawn sweeping towards the water’s edge.

It’s a picture-perfect harbourside view the 79-year-old has had the pleasure of soaking in since moving into his ground-floor unit in Sydney’s inner west in 1986.

“I can see all the buildings at North Sydney and St Leonards. I can see the Bridge, if I move across to the living room,” Mr David told realestate.com.au.

A lot of memories have been made since the Sydneysider bought his dream home – he recalls paying $146,000 for the then four-year-old unit four decades ago.

At the time, he was renting in Drummoyne and “knew every unit”. But when he saw a waterfront unit for sale one afternoon, he rang the agent straight away.

“It was the unit next door, actually. Back in those days, a waterfront like this didn’t hit the ads, it just sold straight away. And I knew this building had a lot going for it that suited me.”

As it turned out, he was too late, but in a stroke of luck he bought the unit next door two weeks later and “got the perfect unit for me”.

“I’ve got the pick of them, as far as I’m concerned,” he said.

But soon he will be bidding farewell as he along with the 27 other owners at the 31-unit block at 72-76 St Georges Crescent, Drummoyne join forces to sell as one.

For Mr David, the address has held many fond memories, from lively Australia Day barbecues on the lawn with friends, neighbours and live jazz to weddings and milestone birthday parties, not to mention the friendships he has forged along the way.

“It’s a monstrous lawn area. It just lends itself to that sort of entertainment,” he said.

Mr David first came across the idea of selling around March, when the building’s strata management alerted residents to multiple sale offers.

He said it took him about “15 to 20 seconds” to decide selling was a good opportunity, and almost all other owners have agreed.

“The figures they’re talking about more than double my value – and others too, obviously,” he said.

“I’d much rather be carried out of here in a box when I’m dead, but the offer was just far too good.”

Stanton Hillier Parker Sydney agent Guy Yarden described the sale as a “truly irreplaceable opportunity” made possible by recent NSW government reforms for Drummoyne, increasing dwelling and height limits at the site subject to council approvals.

“With these new changes, you’re looking at about 90 large luxury units with most of them facing the water with harbour views,” Mr Yarden added.

Within a week of being placed on the market, he had received almost 100 inquiries from “high-end boutique developers” interested in the site’s postcard-worthy harbourside position.

Mr Yarden said owners could almost double the value of their property if they were to unite and sell as one, with new water-facing apartments potentially fetching $40,000-plus per square metre, or over $6 million each.

“The new housing reform is giving the opportunity for these owners to come together to take advantage,” he said.

“But at the same time it’s quite advantageous for the housing crisis in Sydney, because you’re pretty much getting rid of 30 apartments, and looking to put up about 90 to 100 other apartments.

“For waterfront property like this, the end result is going to be a very high demand.”

Mr Yarden said no other development site in Drummoyne is comparable in size and scale, helping make this 0.69 hectare waterfront address so lucrative. He estimated the site would fetch more than $100 million.

“Most other developments in the area, you’re probably looking at between 800 to 2000 square meters, this is almost pushing 7000 square meters,” he said.

For Mr David, living at the property has been “fantastic”, from the waterfront views, to the lovely neighbours, swims, and double garage allowing him to store the boats he has owned over the years.

“It’s been very good – I’ve been here for half my life. I’ve virtually known everyone who’s lived here as an owner. The tenants you don’t necessarily get to know, although I do know a few of them,” he said.

“If no offer had come through and the idea hadn’t even eventuated, I would’ve been more than happy staying here. It’s the perfect lifestyle. It’s all flat – I’ve got no stairs.

“Again, at my time of life, I probably need to look to other alternatives for the future anyway.”

Mr David is upbeat about finding another place, potentially a retirement unit. But after being spoiled with a double garage for so long, his snag will include finding somewhere to store his sports car.

Expressions of interest for the site, which is being sold with vacant possession, close on September 11.

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