Prime beach-front site sells for $16 million in significant deal

In a record deal, JLL brokered the sale of a premium harbourfront development opportunity in Manly, achieving an impressive $16 million for a family who had held the property for over three decades. The sale of the block of four apartments has set a new benchmark for boutique development sites in the prestigious Sydney coastal suburb. 

The family approached JLL to divest four units of their five-apartment block despite having no prior relationship with the firm. They selected JLL based on the team's proven track record in selling apartment blocks and accommodation assets throughout Greater Sydney.

Built in the 1980s, the property was presenting numerous challenges for the owners, with high maintenance costs, escalating land tax, and substantial strata fees resulting subdued income returns. Additionally, the team had to work with the interests of a separate owner in the block who held the fifth apartment. Securing this outstanding unit was key to unlocking the property's full development potential.

Dylan McEvoy and Gordon McFadyen, Joint Heads of Metropolitan Sales and Investments at JLL, spearheaded the sales process with a comprehensive market analysis and technical pricing advice based on their extensive expertise.

The team developed a tailored sales strategy focused on selling the four units as a single lot, while maintaining the flexibility to sell them individually if necessary. Their targeted marketing campaign attracted diverse interest from high-net-worth individuals, family offices, and developers.

"Throughout the process, we conducted thorough due diligence on all prospects to mitigate transaction risks while navigating conditional offers," said McEvoy. "We also maintained open communication with the owner of the fifth apartment, ensuring they were informed about potential opportunities arising from the significant interest generated."

Dylan and Gordon’s constant communication with the owner of the one remaining apartment proved to be worthwhile, with that owner being incentivised to sell their asset in a package, meaning the entire block was now available for purchase. The Expression of Interest campaign concluded after 30 inspections, generating substantial interest from various investor groups and developers.

The property ultimately sold for $16 million to a developer and diversified investment office well-positioned to maximise the site's potential and trophy attributes. This exceptional result set a new price record for boutique development sites in the Manly area.

The client expressed extreme satisfaction with JLL's management of the sales process and market knowledge, particularly highlighting the team's insightful advice on selecting the most suitable buyer and effectively mitigating potential risks.

This landmark transaction underscores JLL's ability to deliver exceptional outcomes in Sydney's competitive property market, successfully navigating complex sales processes to achieve outstanding results in one of the city's most coveted coastal locations.