Colliers Hotels team together with Dentons have successfully advised the Owners Corporation of 252 Sussex Street Sydney to receive a landmark court judgement for a Strata Collective Sale in New South Wales.
252 Sussex Street is a 159 lot strata scheme currently operating as a 119‑key serviced apartment over 19 floors. The Colliers Hotels team ran an Expressions of Interest campaign back in 2017 and after a series of competitive bidding rounds, the Yeh Group were selected as the successful purchaser of the property.
The volume of enquiry received on the campaign for 252 Sussex Street, Sydney was hugely successful with over 50 site inspections conducted.
The historic decision is the first ever court‑ordered collective sale following changes in November 2016 to the Strata Schemes Development Act which allowed for the sale or redevelopment of strata properties on a threshold level of support of 75% of owners, subject to Land and Environment Court Approval.