Boutique builder IPM has paid c$12 million for a row of Palm Beach shops, with plans for an apartment project.
The 1362 square metre block, 1112-1116 Barrenjoey Road, was offered by its Greece based owner after 45 years.
It came permit-ready for a three storey complex containing five dwellings and ground floor retail.
IPM is expected to construct eight units in a mixed-use development with a c$60m end value.
“Without a doubt this is an incredibly rare site with an existing zoning that allows for new mixed-use dwellings in Palm Beach,” the developer’s managing director, Steven Sroba, said.
“Opportunities for new apartment dwellings in Palm Beach are few and far between so we are confident there will be significant demand from local downsizers and those looking to relocate from Sydney,” according to the executive.
Domain Residential’s Peter Grant, who brokered the sale, added Palm Beach is one of Sydney’s most competitive markets.
“Sites like these just don’t come up in Palm Beach, they are multi-generational assets so it’s incredibly rewarding to have been able to negotiate a deal of this size in this prized location”.
Two holdings away – 1102 Barrenjoey Rd – AirTrunk founder Robin Khuda is proposing a three level residential development (story continues below).
The IPM Palm Beach parcel, next to Barrenjoey House and near several four level buildings, overlooks Snapperman’s Beach and Palm Beach Wharf.
It is configured with a row of single-storey shops.
The developer will syndicate the project through one of its investment fund vehicles.
The builder recently kicked off marketing for a Mona Vale project, Iluka, about 10 kilometres south of Palm Beach.
It is also about to settle on another two northern beach development sites.
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