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Sydney-based developer Barua Group has purchased two neighbouring homes in the Sydney suburb of Clovelly for $9 million.
The acquisition is a record for the area, and Barua Group intends to develop seven three-bedroom apartments on the land.
The properties, which have a 12 metre development height limit, reflect a record individual unit price of $1.285 million.
The sales campaign for the neighbouring properties attracted interest from more than 460 developers, with the sae reflecting a 50 per cent uplift in value from the properties' individual value of $3 million each.
"Developers who have been traditionally focused on larger projects in the western suburbs are now looking to undertake smaller, more boutique projects in the east capitalising on the growing number of 'downsizers' looking to buy apartments in the area," says CBRE's Nicholas Heaton.
"Growing demand for this lifestyle change, coupled with the limited availability of suitable development sites, is driving up both unit prices and land value."
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