This article is from the Australian Property Journal archive
TWO development sites on Old South Head Rd in Sydney's eastern suburbs of Rose Bay have sold for $10.238 million to a local developer, Moshav Financial.
The first site, of 552 sqm at 554-558 Old South Head Rd sold for $4.888 million at auction. It has DA approval for the construction of 10 residential apartments, 14 basement car parks and one commercial/retail store.
The neighbouring site, at 560-564 Old South Head Rd, sold for $5.35 million prior to auction. It has DA approval for 18 apartments, ground floor retail/commercial space and 23 basement car spaces.
“The market generated a lot of interest in both the properties, offering a fantastic opportunity to capitalise on the current strong values and rates of sales recently achieved of new projects in the Eastern Suburbs,” Isgro said.
Bray said Moshav Financial plans on amalgamating the two sites and creating a large mixed-use development.
Australian Property Journal
