Double Bay Trophy sells for $10.25 million

A high-net worth Asian investor has purchased a rare, freehold trophy asset in Double Bay, achieving a record-breaking yield, through Colliers International.

Miron Solomons, Matt Pontey and Nick Lumley of Colliers sold 10 Cross Street in Double Bay via Public Auction on the 11th of July 2019, for $10.25 million. The commercial asset has a tenancy mix of boutique retailers, cafe and office space.

The property achieved a record-breaking yield of 1.5% return.

Mr Solomons and Mr Pontey also sold the neighbouring property 12 Cross Street, in 2018 to the Hong Kong media family, the Ma’s, achieving a record yield of 2% return. 

“This is a generational asset held by a private family linking the two main arteries of Double Bay; Knox and Cross Street,” said Miron Solomons, National Director, Investment Services at Colliers International. 

“We experienced a great deal of demand for this asset, driven by the intrinsic value of freehold property in Sydney’s most prestigious waterside suburb as well as the property’s diverse income streams and future development potential.” 

Matt Pontey, Manager, Investment Services at Colliers International said “The Eastern Suburbs and Double Bay in particular, continues to drive demand for investors.”

“Double Bay is buzzing with activity with the redevelopment of Double Bay and Cross Street carpark, as well as developments such as 1788 by SJD Property and The Hunter by Toga. The area has seen substantial development activity over the last 12 months, with developers competing for luxury residential sites along Cross Street.”

“10 Cross Street presented a unique opportunity to buy a freehold asset with part ownership of the pedestrian thoroughfare linking Double Bay’s two iconic retail streets, Cross & Knox Street.”

 

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Miron Solomons

National Director | Sydney Metro Sales

Sydney CBD

Miron joined Colliers International in 2013 with extensive expertise in both investment and insolvency services which remain his core specialisation.

With 20 years at the forefront of commercial transactions in Australia's most dynamic market, Miron has gained a reputation as an industry leader in the Eastern Suburbs and City Fringe markets. A consummate professional and tenacious negotiator, he brings with him a wealth of experience to Colliers International. Miron’s meticulous approach and key eye for detail enables him to deliver a truly first-class service backed up by a patient pragmatic approach and strong work ethic.

Miron’s continued specialisation in this highly diverse property arena has ensured that Colliers International offer an unrivilled level of experience and expertise. Combining these attributes with our results-driven approach and focus on customer service, Colliers International and Miron are proud to service a loyal network of clients.

 

 

 

 

 

 

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Matt Pontey

Associate Director

Sydney CBD

Matt is an Associate Director in the Sydney Metro Sales team, Investment Services specialising in the City Fringe & Eastern Suburbs selling commercial and retail investments.

Matt has a strong property education background with a degree in Property Economics from the University of Technology, Sydney and a further Post Grad in International Business providing him with a strong understanding of the fundamentals of property and a unique perspective of the Sydney Metro Markets.

Matt has an intimate knowledge of his market and understands the diverse dynamics of this complex and sophisticated market. He brings a unique analytical perspective and context to every transaction which comes with honing his skills in this market for over nine years in all facets of agency.

His unique and creative marketing strategies has seen he and his team succeed and deliver some of the strongest results ever delivered in the Eastern Suburbs & City Fringe market. His expertise in his market and understanding of its inner workings have afforded him an edge over his competitors and delivered for his client's time after time.

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Nick Lumley

Property Manager

Sydney South

Nick is an Executive in the Sydney Metro Sales, Investment Services team specialising in commercial and retail investments within the Eastern Suburbs and City Fringe areas.

After joining Colliers International in 2016 with experience in analytics and valuation services, Nick has transitioned these skills into his investment services approach which remains his fundamental area of expertise.

Nick has an extensive educational background with a Degree in Property Economics from the University of Technology Sydney and a further Diploma in Marketing providing him with a profound understanding of the commercial property industry.

With over six years of commercial real estate experience, Nick has generated a strong local knowledge of the Sydney Metropolitan markets and with his unique analytic background ensuring the greatest outcome is delivered to his team and clients.

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