NZ$72 million for nine-house lot,

A PRIVATE Hong Kong-based investor has paid A$66.06 million (NZ$72.6m) for a group of nine Sydney houses – reaping the owners an average of about A$7.34m apiece – amid the rush for development sites close to the harbour and the city.

The sale comes as demand for higherdensity living across the suburbs by firsthome buyers and investment properties escalates.

North Sydney and surrounds have been particularly strong because of the proximity to Macquarie University, the northern beaches and the city’s central business district.

Developers have snapped up an array of older office towers in the North Sydney CBD which have rezoning approval that allows for redevelopment as residential sites.

Demand has stretched north to suburbs such as Willoughby, where Hong Kongbased investor and developer Euro Properties has paid A$147.5m for the old Channel Nine site.

The St Leonards ‘‘superlot’’ sits at the heart of St Leonards, fronting Canberra and Holdsworth avenues and River Rd.

It is understood some of the homes were owned by investors and some by owneroccupiers. All will be vacated on settlement.

The Lane Cove Council has proposed the site be rezoned for high-density residential development.

It is thought the new owner will redevelop the 5695-square-metre block into two apartments towers of between 12 and 15 storeys.

In December last year, the Lane Cove Council drafted a master plan to consider residential development potential in the area.