“I think it is the only way you can unlock blue chip sites in Sydney because they have been through a boom period in the last 10 years so every freehold owner sitting on development sites have been approached a number of times,” Toohey Miller founder Nick Couloumbis said. The government’s intention was to clear a path for the redevelopment of older, low-density strata buildings. But of the 90-plus changes, one of the most critical was the reduction from 100 per cent to 75 per cent agreement for strata owners to collectively decide to amalgamate and end their strata scheme, allowing the site to be developed or sold. The New South Wales government overhauled strata laws late in 2016.
Toohey Miller took just nine months to secure the strata amalgamation of the 12 studio apartments. Levels six and seven will be given over to a four-bedroom penthouse of nearly 243sq m that includes a rooftop terrace and pool. When completed, the development will include five three-bedroom apartments, each across a single floor, measuring 181sq m and priced from $10 million. The City of Sydney Council is now considering the application to build an eight-storey block of six apartments in Onslow Place with commanding views of Sydney Harbour on one side and historic Elizabeth Bay House on the other. The developer acquired all 12 strata titles in a 1960s block of flats on the site, paving the way for the development on one of Sydney’s prime harbourside residential sites. Developers Toohey Miller has filed plans for an eight-storey apartment block in blue-chip Elizabeth Bay after months of sale negotiations and an extensive heritage study.
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