Double Bay neighbours band, bank $50m from apartment developer
Business chiefs – and long time Double Bay neighbours – Alexandra Oliver and Geoffrey Kimpton have banded to sell their homes off-market.
Developer JZL is paying $50 million for the 1598 square metre amalgamation – 1-3 Henrietta Street, on the north west corner of Holt, overlooking Sydney Harbour, a few blocks away.
Following recently implemented Minns government planning changes – which can override local council decisions – a high-density project could be considered.
More than 40 units are expected for this amalgamation, walking distance to the suburb’s commercial and retail centre – and transport.
Savills represented Ms Oliver, who paid $2.55m in 1989 for her 749 sqm plot.
Mr Kimpton outlaid $1.45m for his 849 sqm parcel in 1992.
Harry George, Andy Hu, Adrian Bokolis and Tim Grosmann were the agents.
JZL has form buying standalone homes with the potential to yield apartments under new planning guidelines; in May paying five owners of Cremorne homes a total c$40m for a 2082 sqm holding covering 118, 120, 122 and 124 Benelong Road and 72 Gerard St.
Also this year, Deicorp bought an amalgamation of standalone dwellings at Lindfield, north west of town, for a total c$140m.
Affected too by the Transport Oriented Development reform, buildings up to 22 metres or six storeys can now be considered.
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