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Long Held Double Bay Site Hits the Block

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A site with plans for a luxury retail and residential project has been listed with price expectations from $90 million in blue-ribbon Double Bay.

Located between the InterContinental Hotel and Transvaal Ave, the 19-27 Cross Street corner block spans a 1,334sq m site.

The site comes with a preliminary design scheme for development of residential apartments and retail spaces, subject to council approval.

Related: Amalgamated Site in Bondi Junction Hits the Market

Artist’s impression of the proposed development.
Artist’s impression of the proposed development.supplied


Designed by Sydney-based Luigi Rosselli Architects, the proposed mixed-used design encompasses luxury apartments, ground floor retail space, a piazza and two levels of basement parking, subject to the relevant planning approvals.

Proposed are 22 designer apartments over six levels, with the upper-level apartments offering northerly views of Sydney Harbour.

Related: Sydney Developer Buys Double Bay Retail Centre for $40m

An impression of the view from the proposed development.
An impression of the view from the proposed development.Supplied


CBRE is selling the property in conjunction with 1st City Real Estate Group, on behalf of Tri-Anta Pty Ltd.

CBRE’s Scott Gray-Spencer said 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.

“This buyer group has proved to be the most resilient across the Australian residential market, having a low to zero dependence upon bank funding.”

The family behind Tri-Anta Pty Ltd, are long-time owners of the Double Bay holding.
The family behind Tri-Anta Pty Ltd, are long-time owners of the Double Bay holding. Supplied


The site presently comprises a commercial complex of single and two-story units with a net passing income of $372,000 p.a on the existing structure.

Expressions of interest will close 7th of December.

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Article originally posted at: https://theurbandeveloper.com/articles/long-held-double-bay-site-hits-the-block