Five homeowners have pocketed an average of $4.2M each in the exclusive Upper North Shore suburb of St Ives, 18km north of the CBD – double the $2.1M median house price for the suburb – after amalgamating their properties to sell off-market to a Melbourne-based developer.
The 8,320sqm site on Killeaton Street and busy Mona Vale Road – which fetched an average of $2,555 per sqm – will now be redeveloped as a “high-end” aged care facility according to Commercial Real Estate.
NSW planning laws are currently being reviewed to allow for more high-density seniors housing.
“The proposed changes … will provide local communities certainty on new developments and prevent their incremental growth in unsuitable locations,” a spokesperson from the NSW Department of Planning and Environment said.
