Three families have scored a mammoth property payday after joining forces to sell their homes of 40 years sees them net a 30 per cent premium.
Three families have scored a mammoth property payday after joining forces to sell their homes of 40 years sees them net a 30 per cent premium.

Savvy property ploy nets three families millions

Three Sydney neighbours who have all owned their homes for more than 40 years have landed a financial windfall following the sale of their cul-de-sac.

The amalgamated site at 15,16 and 18 Adina Street in Miranda sold to a property developer on a conditional agreement last month.

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Newton Real Estate's David Newton was unable to reveal the exact sale price due to the terms of the agreement, but confirmed it sold for "substantially" over the $5.1m-$5.3m guide.

The three houses occupy 2390sqm.
The three houses occupy 2390sqm.

The sale delivered the homeowners 30 per cent more than if they had opted to sell separately. Each of the sellers are likely to have made over $1.8m if the money is divided in equal thirds, which would be about $500,000 more than the Miranda median house price.

Mr Newton said there was at least 10 serious buyers keen to purchase the 2390sqm site, with final negotiations coming down to four parties.

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No. 15 Adina Street, Miranda.
No. 15 Adina Street, Miranda.

"It was very hard to select the buyer - it not only came down to dollars and cents, but also the terms of the contract," he said.

"The sellers also liked how the buyer had done a number of other sites in the area."

Set on a combined 2390sqm over three titles, the Miranda properties have R3 medium residential density zoning, which permits the construction of townhouses, villas or even a boarding house.

The buyer is looking to construct a group of townhouses on the site with basement parking. Mr Newton previously said the land size could allow for up to 14 townhouses to be built.

Adina Street is located near Westfield Miranda.
Adina Street is located near Westfield Miranda.

Mr Newton said the conditional sale would allow the developer three months to get their "ducks in order" and speak to council before coming official.

"The heat of the market is giving developers confidence in proceeding on a short term agreement, as oppose to conditional contracts that often last 18 months for offerings like this," he said.

Across three houses are nine bedrooms, four bathrooms and parking for five cars.

Originally published as Savvy property ploy nets three families millions


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