A prime Double Bay site currently home to Double Bay Plaza has been listed listed for sale with price expectations of circa $90 million. The site is with plans for a luxury retail and residential project set to change the landscape of Double Bay on it’s busy and well-known strip at Cross street.
The site’s prominent corner location in the heart of Double Bay, next to the InterContinental Hotel, would be a key buyer draw card. Proposed are 22 designer apartments over six levels, with the upper level apartments offering sweeping harbor views.
“The target market for the proposed development project is high to very high net-worth apartment buyers – primarily wealthy local professionals or business owners; mature aged ‘down-sizers’ and out-of-Sydney national and international purchasers requiring an up-market Sydney residence,” Gray-Spencer said.
The site fronts both Cross Street and Transvaal Avenue and presently comprises a commercial complex of single and two-storey units. The net passing income is approximately $372,000 per annum, with most of the tenants on rolling month to month leases. The property is being sold on behalf of Tri-Anta Pty Ltd- the site has been held by long-time owners Stephen and Stella Rose who gave the block to their children. They have decided now is the right time to sell as the demand for this type of property in the heart of Sydney’s eastern suburbs remains high.
CBRE’s Scott-Gray Spencer and Ben Stewart have been appointed to steer the Expressions of Interest campaign for 19-27 Cross Street. Under a design scheme prepared by Luigi Rosselli Architects, the 1,334m2 site could be transformed into a mixed-use project, incorporating luxury apartments, ground floor retail space, a piazza and basement parking, subject to the relevant planning approvals.
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