Fifty-five Macquarie Park homeowners have become instant millionaires after selling their homes in one lot to a private developer for more than $80 million.

Considered one of the biggest combined sales in Australia, the 5,130sqm site at 15-21 Cottonwood Crescent is likely to eventually accommodate a mixed-use tower, around 270 apartments, shops, and offices.

The site was sold in two stages: the buyers first acquired 15-19 Cottonwood Crescent, and more recently snapped up 21 Cottonwood Crescent.

The sale price is the highest per square metre of proposed ground-floor area for a combined sale.

Stuart Cox and Neil Cooke of Savills Australia conducted a five week international expressions of interest campaign that attracted 220 enquiries, and 50 requests for the due diligence material. In total, 13 expressions of interest were submitted.

Stuart Cox, Director of Residential Site Sales, Savills Australia, said the site is considered one of the most premium in Macquarie Park, because of its elevation and its location close to Macquarie Centre, Macquarie University Railway Station, and Macquarie University.

“Given the strong demand for the site, we undertook a second round EOI that resulted in a record sale price being achieved for the site.

"Of the 13 EOIs received, 12 were from offshore, large-scale Asian developers drawn to the area by the vast array of amenities on offer within this suburb, namely retail, education and excellent transport,” said Cox.

Neil Cooke, Director of Residential Site Sales, Savills Australia, said 91 per cent of the neighbours agreed to combine their properties.

Under new laws, 75 per cent of owners must agree for a combined sale to proceed. Previously, the decision had to be unanimous.

Read Fair Trading's explanation of new rules that make it easier to sell properties collectively.

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