A group of 20 Southbank townhouse unit owners in Melbourne have banded together with hopes of securing a combined $25 million as a development site offering.
The four-block property, Coventry Square at 77 Coventry Street stands on a 1483 square metre site close to South Melbourne market amid high-rise towers.
The hope for a significantly better return than their separate market rate as recent sales have been around $630,000 for a two-bedroom apartment.
Coventry Square comprises 12 two-bedroom apartments and eight three-bedroom apartments with the proceeds to be divided based on council rate valuation percentages.
Collective sales require approval from 100 per cent of owners.