Two properties on Rose Bay’s Old South Head Road have sold for over $10.2 million to a local developer.
554-558 Old South Head Road sits on a prominent corner in the heart of Rose Bay, east of the Sydney CBD, with a site area of 552 square metres, and sold for $4,888,000 at auction.
It has DA approval for the construction of 10 residential apartments, 14 basement car parks and one commercial/retail store.
560-564 Old South Head Road neighbours number 554 -558, and has DA approval for 18 apartments, ground floor retail/commercial space and 23 basement car spaces. It was sold for $5.35 million prior to auction.
CBRE’s Anthony Bray and Gemma Isgro negotiated both sales on behalf of the two separate vendors.
The purchaser of both sites is local property fund management company,
CBRE was appointed to the sale of 560-564 Old South Head Road the day after neighbouring site was exchanged.
“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,” Ms Isgro said.
Mr Bray said Moshav Financial plans on amalgamating the two sites and creating a large mixed use residential and retail development opposite the new Bunnings redevelopment.