Colliers and Ray White Commercial Eastern Suburbs have been appointed to auction Piccadilly Court, located at 356-366 New South Head Road, Double Bay, which has been long held by a local private family.
The four-level commercial building is positioned with exceptional exposure in the heart of Double Bay and is anchored by Ray White Double Bay. The building acts as a crucial pedestrian thoroughfare between New South Head Road and Short Street, through to the Cosmopolitan Centre.
“Double Bay has its mojo back and is quickly turning into the go-to suburb to work, live and play. With pioneering developers such as SJD Property recently completing their 1788 Residences and Fortis with Pallas House well under construction in Bay Street, the future looks bright for this prestigious harbourside suburb” said Matt Pontey, Director, Colliers.
Over the past two years there has been over $175 million worth of transactions in Double Bay. Local capital has recognised a huge opportunity with people seeking to be closer to home, work in smaller commercial hubs and avoiding travelling to the CBD.
Colliers co-agent, Ray White Commercial Eastern Suburbs, Grant Whiteman added “In all my years working in Double Bay, this has been one of the most exciting periods to be involved in, and witness a growing return to the golden years of the Bay”.
“There is no other market in Australia that has seen this type of sales activity whilst at the same time witnessing no detriment to value. ‘Flight to quality’ has often been a term loosely used in real estate, however if quality is the benchmark then Double Bay and in particular Piccadilly Court delivers an exceptional opportunity to all buyer profiles at the perfect time” said, Miron Solomons, National Director, Colliers.
“We continue to see demand driven by local, national and international capital looking to secure defensive assets in tightly held areas”. Said Mr. Solomons
“The tide has truly turned for Double Bay with the mantra from developers being that if you build it, they will come - and they are coming” added, Matt Pontey
He continued “Sydney’s eastern city fringe has proven to be one of the most resilient and robust geographic patches in Australia, and with significant investment in the precinct and a continued push by employers to base themselves in areas that are more creative and dynamic, the area looks set to continue to outperform”
Grant Whiteman added “With historically low interest rates and capital looking to be active in 2021, there has never been a better time than now to invest in Double Bay to be a part of its exciting future.”
The property is tipped to attract interest of circa $15m with a diverse range of candidates expected from Australian funds, high net worth, developers, and owner occupiers.
The property is being marketed by Miron Solomons, Matt Pontey & Guillaume Volz of Colliers and Grant Whiteman of Ray White Commercial Eastern Suburbs.
356-366 New South Head Road, Double Bay will be offered for sale by way of Public Auction on Thursday, 18 March 2021 through Colliers and Ray White Commercial Eastern Suburbs.