A prominent Coffs Harbour family is listing its commercial holdings with development upside in one of Sydney’s most resilient blue-chip suburbs.
An entity registered to Tony Simmon and his sons, Michael and John, is listing the two shopfronts at 393-395 and 397-399 New South Head Road at Double Bay.
Together the commercial premises has a footprint of 1138sq m and is the last developable block near Kiaora Lands, a shopping centre that includes Woolworths, Dan Murphy’s, a council library and 440 public car spaces.
The Simmon family acquired 393-395 New South Head Road in 1998 for $2.82 million, and the neighbouring 397-399 New South Head Road in 2018 for $15 million.
The property is underpinned by two anchor tenants, Westpac and Commonwealth Bank but, according to Colliers agents Matt Pontey and Miron Solomons, it has development uplift potential.
They are marketing the site with Ray White Commercial’s Grant Whiteman, with price expectations in excess of $40 million.
The property has flexible E-1 Local Centre Zoning, which could accommodate a prime mixed-use development.
“There is huge opportunity to unlock the site through planning while at the same time enjoying a substantial income derived by a diverse set of tenants,” Pontey said.
“The added bonus of unrestricted rear street access and parking enhances the site’s huge potential,” Whiteman said.
Double Bay is a tightly held market where Sydney developer Fortis is dominating the reinvigoration of the suburb as a vibrant town centre.
The developer won approval this year to undertake its luxury commercial project at Double Bay after it went through the NSW Land and Environment Court.
They will build five-storey Ruby House on an amalgamated 1863sq m site at 2-10 Bay Street it acquired in 2022 for $82 million.
Top Spring broke ground on its own Double Bay project, Ode, last month. The ultra-luxury apartment project smashed the price record for the suburb by 50 per cent.
“Double Bay is a market which 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,” Colliers’ Solomons said.
