Laing+Simmons Smashes Monterey Record By $1 Million
Thu March 02, 2017
March 2, 2017: The off-market $3.4 million sale of 21 Robinson Street in Monterey has smashed the suburb’s previous record price by around $1 million as intense demand from developers and investors, both local and offshore, re-shapes the local property market.
The sale was negotiated by Andrew Stefanovski of Laing+Simmons St George and went unconditional on Monday this week.
Occupying a generous site of approximately 1245 square metres, 21 Robinson Street in Monterey was purchased sight unseen by a local private developer with plans to build a luxury townhouse development of six or seven homes.
“This sale marks a watershed moment for the Monterey market and its surrounds. It’s a large site in a prime coastal position with substantial value add potential, which ensured it was on the radar of local and overseas interests,” Mr Stefanovski said.
“But the price has left everyone a bit surprised. Demand for homes and sites with residential development potential in this pocket of St George is particularly intense at the moment.
“This is reflected in the premium price achieved for the Robinson Street property and should pique the interest of vendors, particularly those sitting on large parcels and thinking of downsizing,” he said.
The writing was on the wall for the local area, Mr Stefanovski said.
Last month Laing+Simmons St George settled the $2.02 million sale of an 1100 square metre property at 31 Halstead Street in South Hurstville.
Again, the property was off-market, the buyer was a local private developer and again, the purchase was made sight unseen. The plan is to build luxury duplexes on the Halstead Street site.
Andrew Stefanovski Stephen Naylor
Sales Agent Account Director
Laing+Simmons St George Wise McBaron Communication
(02) 8558 0000 (02) 9279 4770