In a bold move set to reshape Sydney’s real estate landscape, owners of a 31-unit apartment block with sweeping waterfront and harbor views have united to sell their properties collectively, aiming for a windfall exceeding $100 million. This strategic decision is driven by the potential for significant financial gain, as well as recent government reforms that enhance the site’s development prospects.
Dominic David, a 79-year-old resident of the ground-floor apartment, reflects on the picturesque harborside view he has cherished since moving to Sydney’s inner west in 1986. “I can see all the buildings at North Sydney and St Leonards. I can see the Bridge if I move across to the living room,” he shared with realestate.com.au.
From Dream Home to Development Opportunity
David’s journey with the apartment began when he purchased his dream home for $146,000 nearly four decades ago. At the time, he was renting in Drummoyne and was familiar with every unit in the area. When a waterfront unit became available, he acted swiftly, although initially missing out. However, fortune favored him, and he secured the neighboring unit two weeks later, which he describes as “the perfect unit for me.”
Now, David and his fellow residents at 72-76 St Georges Crescent, Drummoyne, are preparing to say goodbye to their homes. The expansive 6,859-square-meter block, featuring 56.7 meters of waterfrontage, is being marketed as a prime development opportunity.
A Community’s Legacy and a New Chapter
The decision to sell was not taken lightly. For David, the property has been the backdrop to many cherished memories, from lively Australia Day barbecues to weddings and milestone birthday celebrations. “It’s a monstrous lawn area. It just lends itself to that sort of entertainment,” he explained.
The idea of selling emerged around March when the building’s strata management informed residents of multiple sale offers. David made up his mind in “15 to 20 seconds,” recognizing the financial upside. “The figures they’re talking about more than double my value – and others too, obviously,” he noted. Despite his attachment to the property, the offer was too compelling to ignore.
Unlocking Potential Amidst Housing Reforms
Stanton Hillier Parker Sydney agent Guy Yarden describes the sale as a “truly irreplaceable opportunity” made feasible by recent New South Wales government reforms. These changes increase dwelling and height limits at the site, pending council approvals. “With these new changes, you’re looking at about 90 large luxury units with most of them facing the water with harbor views,” Yarden added.
The property, which boasts a rare existing boat ramp and DA approval for a private jetty/wharf, has attracted nearly 100 inquiries from “high-end boutique developers” within a week of being listed. Yarden emphasizes the potential for owners to nearly double their property’s value by selling collectively, with new water-facing apartments potentially fetching over $6 million each.
“The new housing reform is giving the opportunity for these owners to come together to take advantage,” Yarden said. “But at the same time, it’s quite advantageous for the housing crisis in Sydney, because you’re pretty much getting rid of 30 apartments and looking to put up about 90 to 100 other apartments.”
Market Dynamics and Future Prospects
According to PropTrack data, Drummoyne’s median house price stood at $2.85 million and $1.3 million for units as of July 2025. Yarden asserts that no other development site in Drummoyne matches the size and scale of this 0.69-hectare waterfront address, making it exceptionally lucrative. “Most other developments in the area, you’re probably looking at between 800 to 2000 square meters; this is almost pushing 7000 square meters,” he said.
For David, the experience of living at the property has been “fantastic,” from the waterfront views to the community spirit and amenities like the double garage that accommodated his boats over the years. “It’s been very good – I’ve been here for half my life. I’ve virtually known everyone who’s lived here as an owner,” he reflected.
Looking ahead, David is optimistic about finding a new place, possibly a retirement unit, although he admits that finding storage for his sports car will be a consideration. “If no offer had come through and the idea hadn’t even eventuated, I would’ve been more than happy staying here. It’s the perfect lifestyle,” he said.
Expressions of interest for the site, which is being sold with vacant possession, are set to close on September 11, marking the end of an era and the beginning of a new chapter for the residents of this iconic harborside block.
