This article is from the Australian Property Journal archive
A COMMERCIAL development site anchored by two of the big four banks and spanning 1,138 sqm in the heart of one of Sydney’s most affluent and sought-after suburbs has hit the market, with expectations in the order of $40 million.
The 393-395 and 397-399 New South Head Road site is underpinned by anchor tenants in Westpac and Commonwealth Banks and offers significant development uplift along the major connector of Double Bay to the eastern suburbs and Sydney CBD. It comes with flexible E-1 Local Centre zoning, opening up opportunities for a mixed use development.
The property has existing parking on site for 19 cars.
Colliers’ Matt Pontey and Miron Solomons in conjunction with Grant Whiteman of RWC have the listing.
“This is the largest remaining development opportunity adjacent to the successful Kiaora Lands, which includes Woolworths, Dan Murphy’s, council library and 440 public car spaces,” Whiteman said, adding that the bonus of unrestricted rear street access and parking enhances the site’s huge potential.
Pontey said there is huge opportunity to unlock the site through planning whilst at the same time enjoying a substantial income derived by a diverse set of tenants.
Solomons said Double Bay is a market that has been historically tightly held with generational ownership leading local sales.
“The next generation is now taking hold and creating the ‘New Double Bay’ which has spurred commercial development.”
Among the recent Double Bay sites of this nature to trade was the Double Bay Plaza site at 19-27 Cross Street, which sold to developer Top Spring for $94 million almost two years ago. There, Top Spring is building an ultra-luxe five-level residential project with 15 three and four-bedroom apartments and penthouses – one of which it sold for $24.95 million, and a sub-penthouse for $17.5 million
Also active in the suburb has been Pallas Group’s development arm Fortis, which has been steadily collecting sites for residential and office projects in recent years. In May, it secured approval Woollahra Council for a $195 million commercial project at 2-10 Bay Street and 294-298 New South Head Road, which it acquired for $82 million.
Fortis and Marporp have been refurbishing the heritage-listed Gaden House on Bay Street, while Fortis also owns 19 Bay Street and the adjoining 21-27 Bay Street sites where it is developing offices, as well as the now-completed retail and office building at 2 Guilfoyle Avenue.
