Childcare boss snares Sydney arcade with development upside

The Roma Arcade is speculated to be selling for $21 million.

Former Deutsche Bank and Macquarie Bank executive turned Oxanda Education founder, Adrian Fonseca, has snapped up the Roma Arcade in Double Bay.

The c$21 million deal with local GP George Fromberg and Miriam Kanarek, who held the asset four decades, reflects a c2.4 per cent net passing yield.

The InterContinental (middle) sold late last year.

On a 640 square metre E1 Local Centre zoned block at 413-417 New South Head Road, also fronting Kiaora Lane, the property holds development upside; up to 18.1 metres – or about six storeys – could be considered.

It is also a secure investment, with 980 sqm of lettable area over three floors accommodating 27 tenancies (the gross floor area is c1400 sqm).

Significant rent rises could be captured following a repositioning.

Knight Frank’s Demi Carigliano, Anthony Pirrottina and James Masselos were the agents; their off-market deal comes a year after the property was listed with a different agency carrying $25-$26m price hopes (story continues below).

Costi Cohen’s Tas Costi and Simon Cohen introduced the buyer.

Elsewhere in the suburb – which carries a median house price of $6.25m according to REA Group – a consortium comprising Uniting Cinemas chief executive officer, Sam Mustaca, Rebel Property Group director Allen Linz and Eduard Litver, of Capit.el Group, purchased the InterContinental late last year for a speculated $210m.

In 2021, Nick Scali managing director Anthony Scali outlaid $35m for the Savoy Hotel, on 616sqm at 35-45 Knox St, while Aussie Home Loan founder John Symond spent $21m on Piccadilly Court, an unrenovated four storey office and retail investment on 462 sqm at 356-366 New South Head Rd.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of