This article is from the Australian Property Journal archive
MORE than $25 million is anticipated for four separate landholdings in Sydney’s sought after eastern suburbs of Edgecliff and Darling Point, offered to the market with approval over its bulk for a seven storey mixed use development.
The offering includes 80-84 New South Head Rd and 90 New South Head Rd, Edgecliff and 9 Mona Rd, Darling Point, whilst a fourth property at 15A Mona Rd, Darling Point is an additional separate terrace and is not a part of the DA approval.
Approval allows for a building with 36 apartments, two shop top residences and three retail tenancies on the ground floor with basement parking for 27 vehicles, plus six additional strata car spaces in an adjoining building.
JLL James Aroney and Ben Hunter, in conjunction with Richardson & Wrench Newtown’s Steve Kremisis and Anthony Markakis have been appointed to sell the four landholdings via expressions of interest.
“There is pent-up demand for these style of assets situated in Sydney’s eastern suburbs. Acquiring DA approved sites is significantly scarce within the Edgecliff and Darling Point precincts,” Aroney said.
“Sydney’s eastern suburbs has proved to be one of the country’s most resilient suburbs and given today’s climate of uncertainty, we are witnessing strong investor demand for boutique sites situated in low development supply areas.”
The 80-84 New South Head Rd property was constructed in 1985 by the Trust Company of Australia and was built as the cornerstone for Edgecliff’s commercial precinct, while number 90 is known as Kimberly House, and consists of a three-storey office building refurbished in 1997 with a European inspired façade.
Improvements on the Mona Rd properties include separate two-storey terrace houses of four bedrooms and seven self-contained rooms respectively. Number 9 operates under a single lease and 15A as a boarding house under individual leases per room.
Hunter said All properties offer flexibility for the purchaser to commence development or to increase holding income as a land bank for future development.
The properties are located within a short walking distance to prestigious suburbs including Rushcutters Bay, Double Bay, Woollahra and Paddington.
Kremisis said Sydney’s eastern suburbs contain some of the best retail strips and are regarded as ideal investment spots due to high foot traffic, low vacancy, and the high socioeconomic characteristics of the area.
The Edgecliff Centre and Station is situated within approximately 300 metres from the site, providing a public train and bus services within proximity to Sydney’s CBD.
Expressions of interest for close 16th of July.
