This article is from the Australian Property Journal archive
DEVELOPER Top Spring Australia is looking to take advantage of rising prices in Sydney’s exclusive eastern suburbs, splurging $94 million on a Double Bay site to build boutique apartments.
Currently home to the Double Bay Plaza, the 1,334 sqm site at 19-27 Cross Street is at the corner of Transvaal Avenue in the popular shopping enclave, and directly adjacent to the InterContinental Sydney Double Bay.
It was offloaded by the Rose family, who had secured DA approval for a $300 million Luigi Rosselli-designed five-level building with 18 apartments, including three penthouses, atop four ground floor commercial and retail spaces.
“We expect the residences will be of immense appeal to affluent eastern suburbs clientele who are wanting to live in the heart of Double Bay, with everything they need on their doorstep,” said Sydney Ma, managing director of Top Spring Australia.
The largest of the residences will measure 283 sqm and harbour views will be on offer from the second level upwards.
Double Bay’s grand homes and mansions give the suburb a median property of $6,050,000, according to realestate.com.au.
The plans also include a north-facing plaza to connect food and beverage operators with the existing dining spaces in the heritage conservation area along Transvaal Avenue.
“In line with our premium project at Elizabeth Bay, Munro House, this project will encapsulate all the hallmarks that Top Spring Australia is known for, including new technology, art, green spaces and contemporary design,” Ma said.
Munro House generated over $70 million in sales in just two months.
“There’s clearly market interest in prestigious projects, despite the pandemic,” Ma said.
Construction is expected to commence upon settlement. 1st City Real Estate Group Brad Caldwell-Eyles managed the deal.
Chinese partners Zobon Real Estate Group and Shanghai United sold the famous Intercontinental Hotel– whose guests included the late Princess Diana – in May to developers Fridcorp and Piety Group for $178 million.
The suburb’s commercial development market has also seen Fortis acquire a Bay Street site for $38.5 million with plans to build a five-storey commercial and retail building, as well as a site overlooking Guilfoyle Park for a boutique office and retail complex, and nearly 12 a year ago Double Bay modernist icon Gaden House for $20 million with plans to spend $6.5 million refurbishing the heritage-listed retail and office building.
