Childcare boss snares Sydney arcade with development upside
Former Deutsche Bank and Macquarie Bank executive turned Oxanda Education founder, Adrian Fonseca, has snapped up the Roma Arcade in Double Bay.
The $20.5 million deal with local GP George Fromberg and Miriam Kanarek, who held the asset four decades, reflects a c2.5 per cent net passing yield.
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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