The four semis and one freestanding home at 195-203 O’Sullivan Road, Bellevue Hill sold for circa $23m to a developer.
Here’s an inspiring story — a group of five Bellevue Hill homeowners have got together and sold their properties for about $23m to an apartment developer.
Ist City principal Brad Caldwell-Eyles masterminded last week’s sale of the four semis and one freestanding house at 195-203 O’Sullivan Road, which face the golf course.
Caldwell-Eyles estimates the total price paid for amalgamated site that totals 2000sqm was between 20 and 25 per cent more than if the homes had been sold off individually.
“The homeowners are all pretty shrewd people and they knew they had R3 zoning, which allows for medium-density apartments,” Caldwell-Eyles told the Wentworth Courier.
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The purchasers of 195-203 O’Sullivan Road site were Clutch Capital, which is building Dusk apartments at 627 Old South Head Road, Rose Bay (artist’s impression).
He declined to reveal the identity of the homeowners, but property records show they include Neil Webster, Australian distributor for BRIG inflatable boats; Emeritus Professor at the University of Sydney Leo Radom and his psychologist wife, Faye; builder Carlton Bracewell of Bracewell Constructions and Michael Dinte of the Dint golfing family and his wife, Denise.
Denise Dinte is from the famous Cadry rugs family, who are known to have sold land previously to the same developers who purchased this site: Clutch Capital.
Property records show Cadrys owned one of the homes at 627 Old South Head Road, Rose Bay, where Clutch Capital is now building Dusk, a block of nine luxury apartments, which is just three months from completion.
Dusk consists of nine apartments. The O’Sullivan Road site is larger and could accommodate up to 15 apartments.
The 1st City team also put together that deal: an amalgamation of two sites totalling 922 sqm.
The O’Sullivan Road site will accommodate more apartments. It’s estimated 15 units could be built there.
Ist City was also instrumental in the sale of 520-534 Old South Head Road, now the site of the Aristocrat apartment block which is nearing completion.
They also bought a Rose Bay service station and an old Art Deco waterfront block for a developer client that netted its vendors a combined value of $23.5m. They would have sold for about $15m if sold off separately.
Caldwell-Eyles has put together a large number of the east’s highest-profile development sites.
An artist’s impression of Aristocrat, which is nearing completion at 520-534 Old South Head Road, Rose Bay.
“We are the site guys in the east,” Caldwell-Eyles said.
“Not every property or group of properties suit.
“Plainly planning controls for FSR; height and zoning are key.
“It’s not magic — simply maths.
“We have an enormous developer client base and are able to leverage our contacts to maximise our seller’s outcome.
“Our vendor clients are comprehensively educated on the feasibility prior to our offering sites to our database.”
Caldwell-Eyles is about to launch 1700sqm of R3 land in Double Bay.
He expects interest from $14m.
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