Lendlease, Mitsubishi eye historic Sydney sites for apartments

The Knightsbridge complex (right) could be razed. Image: Google Street View.

Lendlease and Mitsubishi Estate Asia are purchasing a prime inner east Sydney amalgamation with plans for luxury apartments.

Set for demolition: 142-148 New South Head Road.

The 1739 square metre Mixed Use 1 zoned holding, 136-148 New South Head Road, Edgecliff, is costing $132.5 million.

The Edgecliff holding (marked), four kilometres from the CBD.

Anko Property was the vendor; via a company, Edgecliff Central Pty Ltd, it outlaid a total $35.5m over 13 months to June, 2021.

Led by Andrew Boyarski and his mother, Vera, the vendor also pushed forward plans for One Darling Point – a c8730 sqm 12 storey building containing offices and 41 apartments.

With a recently approved planning amendment, the gross floor area can be lifted to about 11,349 sqm (artist’s impression, top).

Edgecliff is four kilometres east of Sydney’s CBD.

Depending on research house, the suburb carries a median two bedroom apartment value of between $1.3-$1.4m.

Three bedders by comparison circle $2.6-$2.7m (story continues below).

The One Darling Point proposal.

Out with the old

The end value of the proposed Lendlease/Mitsubishi project is speculated will circle $500m.

The Anko development, also with 77 basement car parks, would have retained a two storey Inter-War former bank at 136 New South Head Rd, on the north east corner of Darling Point Rd.

It would however raze a three level apartment block, Knightsbridge (138-140 New South Head Rd), developed c1919, and medical suites owned by late surgeon Sir Alexander MacCormick (#142-148), dating to c1897.

CBRE’s Ben Wicks and Stewart Residential’s Ben Stewart closed an expressions of interest campaign for the amalgamation in April.

Established in 1968 by Vera’s husband Alex, Anka is also behind, in nearby Double Bay, commercial projects at 2 Bay Street and 30 Bay Street and Alta in Surry Hills. The company also developed the gated Liberty Grove apartment and townhouse project near Olympic Park, west of town.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.