Vendors pocket $1.5 to $1.8 million in collective sale of six old flats at North Cronulla
A block of old flats opposite The Wall at North Cronulla has sold for more than $10 million, a record figure for Sutherland Shire.
Owners of the six units at 27 Prince Street will each pocket between $1.5 million and $1.8 million.
Agent Daniel Moroko, of Highland Commercial Property, who negotiated the deal, said the vendors included owner occupiers and investors.
“They have done much better through a collective sale,” he said.
“Sold separately, the units may have fetched only $600,000 to $700,000.”
Mr Moroko said the sale price of “a touch over $10 million” had set a new record for development sites in the shire based on the square metre rate.
The site is 586 square metres, and reflects a sales rate of $11,500 per square metre.
Mr Moroko said a shire-based developer had bought the property and was looking at building five luxury apartments, one per level.
”The developer is of the belief quality sites in beachfront locations will work regardless of the current market,” he said.
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