GWS executive buys Double Bay apartments
Greater Western Sydney deputy chairman, Adrian Fonseca, has bought a 1970s block of flats to refurbish and eventually extend.
The Oxanda Education founder paid $19.2 million for 5 Henrietta Street, Double Bay.
With 14 apartments – a mix of one and two bedrooms – and 16 car parks, it stands four levels, on 770 square metres.
Under the recently endorsed LMR Housing policy, the site can accommodate a tower about the twice the height.
The Edge’s Achilles Peshos was the agent.
Another Double Bay investment
The Henrietta St deal comes 18 months since Mr Fonseca, also a former Deutsche and Macquarie Bank executive, bought Double Bay’s Roma Arcade, for $20.5m.
The latest transaction comes three months since we reported the owners of 1 and 3 Henrietta St, Double Bay, sold their 1598 sqm amalgamation to developer JZL.
Some 40 units are expected to replace two standalone dwellings there.
Meanwhile in June, Airtrunk founder Robin Khuda paid c$32m for a four level, older style Mosman apartment block, Azura, on land recently zoned for six storeys.
The property is expected to be branded Ondas once redeveloped.
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