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.”