THE PROPERTY DEVELOPMENT REVIEW
centres and create new ones, adding appeal to the the target market of these areas.” Mr Ephron added. The success of the policy is partly driven by economics, with the planning uplift providing homeowners the ability to amalgamate with their neighbours and derive in some circumstances between 75 per cent to 100 per cent value uplift compared to the current ‘as is’ value of their properties. “The reality is that if you don’t provide significant economic uplift, land owners simply don’t have the motivation to amalgamate and sell together. The Government’s policy provides the incentive and you’ll now see the signifcant uplift in housing that’s desperately needed.” Mr Volz said. Colliers has recently listed a number of prominent amalgamated sites throughout Sydney’s East and Lower North Shore, including 6-12 Henrietta Street & 7 Brooklyn Lane in Double Bay, as well as 5-17 Bond Street in Mosman. Further properties in Cremorne and Mosman are due to come to market in the near future. The Double Bay listing, which offers 2,593sqm across five properties, comes with a price guide of $90 million, while the Bond Street listing provides 2,593sqm of land across seven properties and has a price guide of $75 million. “Notwithstanding the benefits the policy can provide, it’s been a bit polarising in local communities, but forward-thinking councils are needed to help with the ongoing housing crisis. The need for change is finally being realised, and although it’s going to increase density in these areas, that’s the future of Sydney,” Mr Volz said. “The important thing to remember is these buildings become local centres and attractions when they’re adopted correctly, adding vibrancy to the local community. The policy around increasing density is about creating attractive development. It needs to be well designed to fit in with the character of the area and the growing needs of its people.” Mr Ephron said.
September / October 2024 – 11
Powered by FlippingBook