Double Bay arcade with development upside sells for $10.25 million

A retail and office investment in Sydney’s ritzy Double Bay has sold for $10.25 million.

The price achieved for 10 Cross Street reflects a 1.5 per cent yield, which Colliers International’s Matt Pontey, Nick Lumley and Miron Solomons said is a record.

It also values the land at $31,174 per square metre.

The 344 square metre building is configured with five ground floor retail shops, a car park, and upstairs office.

“The campaign attracted significant and strong interest with over 200 qualified enquiries and an incredibly competitive auction,” Mr Pontey said.

Marketed as a trophy commercial property asset, the 344 square metre arcade configured with five ground floor retail tenancies, a car park and an upstairs office, returns net annual rental of $162,829.50.

The site (shaded) is about five kilometres east of the Sydney CBD.

The complex occupies a 329 square metre plot, the western edge of which abuts a walkway connecting Cross Street to Goldman Lane, Knox Street and New South Head Road.

The vendor operates a dry cleaning business within one of the tenancies on the site.

Zoned B2 Local Centre, the land offers development upside, with a 14.7 metre height limit achievable. The agents call the area “Sydney’s most prestigious harbourside village”.

Major projects including The Hunter and 1788 and proposed Cross Street Car Park redevelopment surround 10 Cross Street.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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