Owners of a block of 31 units with a radical waterfront and the views of the water have united to sell in the hope of a $ 100 million windfall
Dominic David looks from his kitchen window and sees 55 meters rolling green lawn sweeping at the edge of the water.
The view from the apartment on the ground floor of the 79-year-old, which is sold as a chance of development, together with 30 other units. Image: delivered
It is a photo-perfect Harborside view The 79-year-old has had the pleasure of soaking since he moved to his on the ground floor in Sydney’s Inner West in 1986.
“I can see all buildings in North Sydney and St Leonards. I see the bridge, when I go to the living room,” Mr. David told Realestate.com.au.
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Dominic David has been living in the apartment on the ground floor since 1986. Image: delivered
Many memories have been made since the Sydneysider bought his dream house, he remembers that he paid $ 146,000 for the then four-year unit four decades ago.
At the time he rented in Drummoyne and “knew every unit”. But when he saw a waterfront one afternoon, he immediately called the agent.
“It was actually the adjacent unit.
The vast block of 6,859 m² has 56.7 m waterfront. Photo: REALCOMFERCIAL.COM.AU
It turned out that he was too late, but in a bit of luck he bought the unit next door two weeks later and got “the perfect unity for me”.
“I have the choice of them, as far as I’m concerned,” he said.
But soon he will say goodbye as he and the 27 other owners on the block of 31 units to 72-76 ST Georges Crescent, Drumming join forces to sell as one.
The vast lawn has a Pool and BBQ area. Photo: REALCOMFERCIAL.COM.AU
Over the years, residents have enjoyed many BBQ meetings on this lawn. Photo: REALCOMFERCIAL.COM.AU
For Mr. David, the address has held many good memories, from Lively Australia Day barbecues on the lawn with friends, neighbors and live jazz to weddings and milestone birthday parties, not to mention the friendships he has forged on the way.
“It’s a monstrous lawn area. It just lends itself to that kind of entertainment,” he said.
David came across the idea of selling around March for the first time, when the strata management of the building warned residents of multiple sales offers.
He told him it was about “15 to 20 seconds” to decide that selling was a good opportunity, and almost all other owners agreed.
“The numbers they are talking about, more than double my value – and others too,” he says.
“I would rather be executed here in a box if I am dead, but the offer was just way too good.”
The block has enormous potential with a view of the iconic harbor bridge. Photo: REALCOMFERCIAL.COM.AU
Stanton Hillier Parker Sydney Agent Guy Yarden The sale described as a “really irreplaceable opportunity” that was made possible by recent reforms of the NSW government for Drummoyne, which increases the home and length limits on the site, subject to approvals from the council.
“With these new changes you look at around 90 large luxury units, where most of them are confronted with a view of the harbor opposite the water,” Mr. Yarden added.
The building has a rare existing boat ramp and da -goods inspection for a private -jetty/yard. Photo: REALCOMFERCIAL.COM.AU
Within a week after he was placed on the market, he had received almost 100 questions from “high-end boutique developers” who were interested in the postcard-worthy port position of the site.
Mr Yarden said that owners could almost double the value of their property if they were to unite and sell themselves, with new water-oriented apartments that possibly achieved $ 40,000-plus per square meter or more than $ 6 million.
“The new reform of houses gives these owners the opportunity to come together to take advantage,” he said.
“But at the same time it is pretty cheap for the home crisis in Sydney, because you end up almost 30 apartments and want to place around 90 to 100 other apartments.
“For such on the water like this, the end result will be a very big question.”
Proptrack data show that Drummoyne has a median house price of $ 2.85 million and $ 1.3 million for units in July 2025. Image: RealCommercercial.com.au
Mr. Yarden said that no other development site in Drummoyne is comparable in size and scale, making it 0.69 hectares of waterfront the address is so lucrative. He estimated that the site would achieve more than $ 100 million.
“Most other developments in the area, you probably look between 800 and 2000 square meters, this pushes almost 7000 square meters,” he said.
For Mr David, living on the building has been ‘fantastic’, from the view of the water to the beautiful neighbors, swimming and double garage with which he can store the boats that he has had over the years.
“It has been very good – I have been here all my life here. I have known almost everyone who lived here as the owner. The tenants who don’t necessarily get to know you, although I know a few,” he said.
Mr David’s opinion about the vast lawn on the waterfront. Image: delivered
“If no offer had come through and the idea had not even happened, I would be more than happy to stay here. It is the perfect lifestyle. It is all flat – I have no stairs.
“Again, at my time of life I probably have to look at other alternatives for the future.”
David is cheerful about finding another place, possibly a pension unit. But after being spoiled with a double garage for so long, his snag will be somewhere to save his sports car.
Expressions are important for the site, which is sold with vacant property, close on 11 September.
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