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22 Waruda Street Kirribilli

The lot owners of 22 Waruda Street Kirribilli

Location

Sydney, Australia

Areas Of Expertise

Property Development Project Conveyancing

HOW WE WERE ENGAGED

22 Waruda Street Kirribilli

Project Summary

22 Waruda Street is an older style residential apartment building consisting of 26 apartments in the exclusive harbourside suburb of Kirribilli. The owners recognised the value of the building due to its location and spectacular views across to the Sydney skyline and Opera House. The building was approaching its maintenance end-of-life and was the subject of a substantial fire order. Rather than spend significant money on repairing and maintaining the building, the owners decided to sell.

Client Brief

Bugden Allen Graham Lawyers were approached by the building’s sub-committee tasked with selling the building to design a legal framework and administrative process for a collective sale. The owners wanted to effect a collective sale of the lots without engaging in the legislative strata renewal process under Part 10 of the Strata Schemes Development Act 2015. The owners carried out a market-driven process to secure expressions of interest from relevant developers and selected the successful tenderer, Stable Properties, to proceed. Stable Properties is a multi-award winning sustainable developer with a reputation for exemplar luxury residential projects.

Our team developed all the legal documentation to establish the platform, including managing the digital exchanges and settlements of all the contracts on behalf of the individual owners.

SUCCESSFUL OUTCOMES

Results

100%

Owners support secured, despite only needing 75%

Fast

Turnaround times delivered within a tight timeframe

$2.5M

Average sale price achieved per apartment

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