Student accommodation developer GSA abandons Sydney strata renewal purchase | Owners Corporation Network

Student accommodation developer GSA abandons Sydney strata renewal purchase

British student accommodation giant GSA has walked away from an $80 million site purchase in Macquarie Park after a long fight to execute a collective strata sale fell through. The sale of two unit blocks at 1-3 Cottonwood Crescent and 2-4 Lachlan Avenue were one of the first big deals to take advantage of NSW laws introduced in late 2016 that allow 75% of a strata ownership to carry ouf the sale or redevelopment of properties which have become too old or costly to maintain. Just over 90 per cent of the block agreed to sell but the owner of three units, Sydney developer Hyecorp, has fought the sale for the past two years.
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