Nine homeowners from Sydney's leafy north shore combined their properties to form a so-called 'superlot'.

A Hong-Kong investor has paid $66.06 million for the properties, reaping the owners an average of $7.3 million each, approximately five times the homes' original value.

The modest workers cottages occupy a rounded corner site on Holdworth and Canberra Avenues in a quiet pocket of St Leonards. The site will likely be developed into a multi-storey apartments block, as many as fifteen storeys high.

Lane Cove Council has proposed the site, which is a five-minute walk from the train station, be rezoned for high-density residential development.

With the supply of urban development sites drying up, developers are casting their nets in new directions. Though some are warning that the market for apartments is cooling, others are reporting steady sales and high levels of interest.

The site was marketed by agents Sam Brewer and Ben Hunter of Jones Lang LaSalle.

The sale will no doubt spark interest from other home owners who see similar potential in their own properties.