A well-known gathering spot for Double Bay residents, the Cosmopolitan Centre, has been purchased by Sydney developer Eduard Litver for $40 million.
The centre, originally owned by the Stamford Group, was built in the mid-1960s by Sir Paul Strasser and is located in Sydney's idyllic eastern suburbs.
The once popular hangout took a hit with the revamp of Westfield Bondi more than a decade ago, eclipsing the Cosmopolitan Centre as the areas leading retail centre.
Home to the iconic Cosmo Cafe, the Knox Street property has a long-standing history in Double Bay.
Litver is an active property investor, developer and Double Bay resident for over 25 years, well-known in the local community as a successful entrepreneur.
He has been involved in a number of developments in the area including the $450 million Pacific Bondi Beach mixed-use apartment project on Bondi Beach.
The site has a central mall with 25 specialty tenancies with a total lettable area of 2281 square metres.
“I believe we are at a pivotal juncture in the resurgence of Double Bay and I look forward to working closely with the local council and the centre’s long-term tenants to give this icon the thoughtful transformation it deserves,” Litver said.
Litver's development company plans to rejuvenate the island precinct as a sophisticated, world-class venue reminiscent of its indulgent past with a modern twist.
Savills Retail Investments' Steven Lerche, Andrew Palmer and Ben Azar brokered the deal.
The property has an estimated net income of $2.4 million a year on a fully leased basis.