Top Spring Australia has outlaid $94 million for the prominent Double Bay Plaza.
The 1334 square metre site, 19-27 Cross Street, at the north west corner of Transvaal Avenue, was offered by the children of the late Stephen and Stella Rose who paid $6.3m in 1996.
The family offered it for sale in 2018, shortly after pushing forward with plans for a seven level mixed-use redevelopment – which the incoming owner will build.
Brad Caldwell-Eyles of 1st City Real Estate was the agent.
The property neighbours the six storey InterContinental Double Bay, which Fridcorp and Piety Group acquired in May, for $178m, to refurbish and possibly extend.
Elsewhere in the suburb, three months ago, Anthony Scali paid $35m for the four floor Savoy Hotel which several years ago was also the subject of a residential redevelopment.
Also earlier this year, Aussie Home Loan founder John Symond spent $21m on an unrenovated office, Piccadilly Court, while Greater Union executives banked $25.5m from a commercial complex which replaced the Vogue Theatre.
Double Bay Plaza contains nine shops and three commercial spaces across two levels (story continues below).
Next chapter for Double Bay Plaza
The permitted Luigi Rosselli Architects complex allows for a five storey building with 18 apartments – three of them penthouses – and four large retail and commercial spaces.
A replacement public plaza will be moved to the northernmost part of the block, connected to Transvaal Ave and a heritage conservation area containing high-character single storey shops.
“In line with our premium project at Elizabeth Bay, Munro House, this project will encapsulate all the hallmarks that Top Spring Australia is known for, including new technology, art, green spaces and contemporary design,” the developer’s managing director, Sydney Ma, said.
“Given the generous size of the residences, with the largest being 283 sqm, the harbour views available from the second level upwards and the unrivalled location in one of eastern Sydney’s most prized and exclusive suburbs, this project will reset the already high bar for prestige [local] projects” he added.
“Sites of this calibre are really rare, so it’s incredibly exciting to add it to our growing portfolio,” according to the executive.
Subscribe to our newsletter at the bottom of this page.