Marr family nabs Double Bay asset for $14.7 million

Premium eastern suburbs freehold asset purchased at auction following first time to market

12 Cross Street in Double Bay has sold at auction for $14.7 million, through Colliers International; the first time a freehold building of this calibre has been auctioned in Double Bay in many years. 

The Marr family purchased the premiere investment opportunity in the tightly held dress circle of Double Bay, which consists of 5 retail tenancies and 5 commercial tenancies and has been tightly held by the same family for generations, and is its first time on the market.

The auction saw a mix of local and offshore developers competing for 12 Cross Street Double Bay, with bidding starting at $8 million. Damien Cooley of Cooley Auctions ran the successful auction.

“Given 12 Cross Street’s stunning attributes and prime position in one of Sydney’s best suburbs, we saw a huge amount of enquiry from both local and international buyers,” said Miron Solomons, Director of Investment Services, who sold the property in conjunction with James Wilson, Director of Retail Investment Services at Colliers International and Matt Pontey. 

“This trophy asset not only has multiple income streams, but also offers significant development upside.”

“Double Bay has seen substantial development activity over the last 12 months, with both local and Chinese developers competing for luxury residential sites along Cross Street, and the Marr’s have decided to capitalise on this regentrification,” Mr Wilson said.

The development pipeline is tipped to exceed $600 million, primarily in the form of apartments. 

“There are plans for 277 new apartments to be built on eight key sites throughout the suburb, which, once completed, will both retain the European village feel, but also underpin other sectors such as retail and commercial in the area, by growing the immediate population” said Matt Pontey, Senior Executive of Investment Services at Colliers International. 

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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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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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