Twenty-five neighbours band together to sell their homes for a combined $100MILLION - with most set to collect around three times the value of their property
- 25 neighbours in Castle Hill in Sydney's outer north-west have banded together to sell their properties as a megalot
- The combined estimated value of the 2.4 hectares is $100 million, or about $4 million per vendor
- Residents should take home about three times the money they would if they sold their properties individually
- One vendor bought their property in late 2012 for $816,600 and will make almost five times what they paid
- Area has been rezoned to allow for high density residential development, with a planned train station on the way
A block of 25 neighbours have banded together to sell their properties for about three times their individual worth for a total of $100 million.
The residents hope to each reap $4 million for their individual properties in Castle Hill in Sydney's north-west, where the median four-bedroom home sells for $1.323 million, according to Domain figures, Sydney Morning Herald reports.
One of the properties, at 39 Middleton Avenue, last sold for $816,600 in November 2012, according to RP Data. If the megalot sells for the planned $100 million, that vendor would make almost five times what they paid just two-and-a-half years ago.
A block of 25 neighbours in Castle Hill in Sydney's north-west, about 35 kilometres from the CBD, have banded together to sell their properties for a total of $100 million
14 Partridge Avenue, Castle Hill, is one of the 25 properties to be banded together for sale as a megalot
14 Partridge Avenue in Castle Hill was lost sold just two-and-a-half years ago in October, 2013, according to RP Data
Pictured: 14 Partridge Avenue. The blocks combine for a megalot of 2.4 hectares with an estimated total value of $100 million
14 Partridge Avenue is about 35 kilometres from the central business district. The Hills area is expected to experience high growth rates in coming years
14 Partridge Avenue has a large in-built pool and private backyard, but will likely be scrapped if it sold as part of the megalot to make way for high density residential developments
The 25 neighbouring homeowners will be capitalising on the rezoning of the area and the development of the new Showground Train Station to open 300 metres way in 2019.
Nick Maude, the spokesman of the residents, said the neighbours hatched the plans when they were told of the rezoning a year ago, which will allow for high density residential development.
He said some of the residents had recently begun renovations while others had lived in their homes for decades and were reluctant to leave.
'But at the end of the journey, we feel we have more power as a collective than trying to stay put and being built out by the proposed high density developments,' he told Sydney Morning Herald.
The 25 neighbouring homeowners will be capitalising on the rezoning of the area and the development of the new Showground Train Station to open 300 metres way in 2019
39 Middleton Avenue last sold for $816,600 in November 2012, according to RP Data. If the megalot sells for the planned $100 million, that vendor will have made almost five times the value
39 Middleton Avenue sits on a block among 25 neighbours who will combine their properties to sell as a megalot
39 Middleton Avenue in Castle Hill is about 35 kilometres north-west of Sydney CBD
Pictured: 39 Middleton Avenue. The wider district is 'expected to experience high growth' in coming years, NSW Government said in a 2013 report, leading to the planned new Metro line and attracting interest from developers
39 Middleton Avenue in Castle Hill has a rumpus room or games room, along with four bedrooms and study
'The romance of staying, such as Darryl Kerrigan in the movie The Castle, is a lot different to reality,' Mr Maude said.
The 25 properties on Ashford Avenue, Middleton Avenue and Partridge Avenue have been listed by JLL NSW director David Mathews and head of metropolitan sales and investments, Sam Brewer.
The blocks combine for a megalot of 2.4 hectares with an estimated total value of $100 million.
Mr Brewer said they expected to see interest from both 'local and offshore developers who are actively seeking opportunities of this scale in the market'.
Castle Hill, about 35 kilometres from the CBD, and the wider district is 'expected to experience high growth' in coming years, NSW Government said in a 2013 report, leading to the planned new Metro line and attracting interest from developers.
21 Middleton Avenue, Castle Hill, is one of 25 properties to be sold as a megalot for $100 million
Pictured: 21 Middleton Avenue in Castle Hill. The 25 properties on Ashford Avenue, Middleton Avenue and Partridge Avenue have been listed by JLL NSW director David Mathews and head of metropolitan sales and investments, Sam Brewer
25 Middleton Avenue, Castle Hill, has four bedrooms and two bathrooms, but will likely make way for developments if it is sold as a megalot
27 Middleton Avenue is one of 25 blocks to be sold and likely replaced with high density residential developments
27 Middleton Avenue in Castle Hill in Sydney's north-west has four bedrooms and two bathrooms
The owners of 27 Middleton Avenue in Castle Hill should sell the property for $4 million
3 Ashford Avenue in Castle Hill will be sold as part of a megalot of 25 blocks for an expected combined value of $100 million
The owners of 3 Ashford Avenue in Castle Hill in Sydney's north-west expect to take home $4 million by selling the property as part of a megalot
3 Ashford Avenue in Castle Hill in Sydney's north-west is part of 25 blocks that sit on 2.4 hectares of land
Pictured: 3 Ashford Avenue. Mr Brewer said they expected to see interest from both 'local and offshore developers who are actively seeking opportunities of this scale in the market'
37 Middleton Avenue in Castle Hill in Sydney's north-west is set to sell as a megalot for $100 million with a block of 25 neighbours
33 Middleton Avenue in Castle Hill, north-west Sydney has four bedrooms and two bathrooms
33 Middleton Avenue, Castle Hill has four large bedrooms, main with balcony and walk-in robe. Bedrooms two and three have built-ins
Pictured: 33 Middleton Avenue. The 25 properties on Ashford Avenue, Middleton Avenue and Partridge Avenue have been listed by JLL NSW director David Mathews and head of metropolitan sales and investments, Sam Brewer
33 Middleton Avenue in Castle Hill has landscaped gardens surrounding a 10 metre in-built pool
Pictured: 33 Middleton Avenue. The 25 properties on Ashford Avenue, Middleton Avenue and Partridge Avenue have been listed by JLL NSW director David Mathews and head of metropolitan sales and investments, Sam Brewer
25 Middleton Avenue in Castle Hill has four bedrooms and two bathrooms and will be sold as part of a megalot of 25 blocks
Pictured: 25 Middleton Avenue. Nick Maude, the spokesman of the residents, said the neighbours hatched the plans when they were told of the rezoning a year ago, which will allow for high density residential development
Pictured: 25 Middleton Avenue. Mr Maude said some of the residents had recently begun renovations while others had lived in their homes for decades and were reluctant to leave
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