Developer buys back Mosman post office
Sun Property Group has bought back a Mosman post office and neighbouring Indian restaurant, sold in 2024.
The local developer led by Zhongwei Sun will now proceed with a permit he obtained to replace the site the year earlier – with 29 apartments and ground floor retail (artist’s impression, top).
The units will contain between two and three bedrooms.
The five level building will rise over two basement floors with parking.
Sun bought the post office site at 64-66 Spit Road for $17.05m from Australia Post in 2021.
It bought the neighbouring double storey office and retail building (66 Spit Rd) a couple of years later, for $11m.
“Our continued belief in the Mosman LGA led us to the strategic decision to bring this asset back into our portfolio this April,” a spokesperson said (continues below).
“The reacquisition is a testament to our agility and…unwavering conviction in the high-end Sydney residential market,” they added.
“We don’t just see a site, we see a vison that w are now prepared to deliver to its fullest potential,” according to the representative.
The deal comes 14 months since we reported SPG bought the ex-Barkers train station site (also the ex-California Hotel site) in Hawthorn with plans for luxury apartments,
Hisense and Montezuma Group were the sellers, for $26.4m.
Mr Sun also controls two Toorak including 226-228 Williams Rd, permitted for redevelopment in 2024.
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