The Sydney property market being estranged from reality and existing within its own mystical realm where quantities of money have no relation to the quantifies of bricks and mortar they’re exchanged for is nothing new, but seeing those outrageous property prices benefit charity is a big old silver living if ever there was one.
That’s exactly the case for one family who owned 20 (twenty!!!) terraces in inner Sydney and sold them last week for a missive $30.1 million.
The two lots of terraces – one in Camperdown and one in Surry hills – have been passed down for three generations and were sold as part of a deceased estate.
Commercial Real Estate reports that the sellers, who’ve had the terraces in their family for almost 100 years, have decided to donate their proceeds (after comission) to “multiple undisclosed charities”.
Unfortunately, we have no idea what charities will be getting the cash. The family, too, has asked to remain anonymous.
What we do know is that they netted a cool $20.4 million from their ten terraces on Nobbs St in Surry Hills, and another $9.7 million from their Fowler St, Camperdown terraces.
Both lots were sold to two different investors who are planning on subdividing the land.
“They loved the rarity of the opportunity to acquire sizeable landholding with so many terraces, as well as the fact they were located in the heart of the city,” Wiseberry Enmore agent David Cradock told The Daily Telegraph.
I think I speak for most Sydneysiders when I hypothetically say: same.
$30 million could do a lot of good for a lot of different charities. It’s also enough to buy 60,000,000 ants. Whatever floats ya boat, really.
Although keep in mind once you subtract the agent’s commission from that figure, it’s likely to be a bit smaller, meaning fewer ants to go around.
Anyway, it’s nice to see the fruits of Sydney’s chaotic property market not go to some 17-year-old with too much money given to him by his rich parents, and instead get put back into the community, no matter how mysteriously those funds are transferred.