A commercial site in the heart of Double Bay, in Sydney’s eastern suburbs, which is the subject of a proposal before council for a high-end apartment and retail development, has been placed on the market with a price tag of about $90 million, according to a selling agent.
The site at 19-27 Cross Street, on the corner of Transvaal Avenue, called the Double Bay Plaza, currently houses nine retail shops and three commercial spaces – which are at present consolidated into one – with the longest lease being until February 2021. It generates a gross income of $530,000 a year.
Long-time owners Stephen and Stella Rose had left the 1334-square-metre block to their children. The family had started plans to build a combination of luxury apartments, retail and commercial offices, designed by renowned architect Luigi Rosselli, but have decided to cash out now.
“Stephen was a hard working Greek immigrant who worked as a pharmacist in Redfern and busily acquired property throughout his life,” agent Brad Caldwell-Eyles, managing director of 1st City Real Estate Group, said.
“His six children are all getting on with their life with the youngest being 49 years old so they have just decided now is a good time to cash in on their valuable asset. They are still going ahead with the planning while they wait for the sale.”
Mr Caldwell-Eyles said Double Bay was the retail hub for “Australia’s most affluent and aspirational residential peninsula” and the site’s corner location was ”uniquely desirable”.
“We are confident that 19-27 Cross Street will sell for approximately $90 million for the existing site and buildings, which are not subject to development approval,” he said.
“If council was to give the go ahead and the plans were fully developed, we expect the final development could sell for approximately $230 million.”
The proposed development includes two luxury penthouses of approximately 340 square metres each, 15 four-bedroom apartments of between 200 and 240 square metres, and five one-bedroom-plus-study apartments at the rear.
The retail component has five shops, with spaces ranging from 84 square metres to 268 square metres and the expected price range of $2.4 million to $6.7 million.
Mr Caldwell-Eyles said that if council approval was given the penthouses would be in high demand.
“We believe that the two luxury penthouses would sell for $20 to $25 million, while the 15 four-bedroom apartments would start at $7.5 million rising to $14.5 million, while the one-bedroom apartments will be more narrowly focused at prices between $2.25 and $2.5 million,” he said.
“The upper levels will have spectacular northerly harbour views and the proposed development is nestled between the InterContinental Hotel and the forthcoming mixed use project at the Double Bay car park on Cross Street and Jamberloo Lane.”
1st City Real Estate Group is selling the project in conjunction with CBRE Real Estate. Expressions of interest will close on Friday, December 7.