Real estate kingpins have pulled off one of Sydney’s biggest ever property transactions involving 45 homes in a sale worth more than $47m that took years to complete.
The massive $47.25m sale which took two years to orchestrate will bring new student housing options to Sydney’s north and help to ease the city’s housing crisis.
Property developers Point Capital Partners has acquired an amalgamated site across three adjoining unit blocks at 5 & 7 Cottonwood Cr and 8 Lachlan Ave in Macquarie Park.
Over the course of two years, negotiations were conducted with 45 individual owners in one of the largest transactions completed in the area in recent years.
It has been revealed that Point Capital Partners intends to transform the site into purpose-built student accommodation (PBSA), offering more than 600 apartments and creating one of the largest PBSA developments in Macquarie Park.
The blocks were acquired on behalf of the developers by commercial buyers agents Costi Cohen.
Co-founder Tas Costi said the acquisition marked “an important step in shaping the future of Macquarie Park”.
“With more than 600 student apartments planned, this transaction reflects the increasing demand for purpose built student accommodation and the continued appetite for high quality sites in Sydney’s growth corridors,” he said.