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.