For the second time in two months, the manager of a Sydney Ray White agency has purchased a commercial site to occupy.
Double Bay office principal Elliott Placks this week acquired the suburb’s 357 New South Head Road as a development play for c$7 million, according to the Wentworth Courier.
In August, Peter Vines, director of Ray White Commercial Western Sydney spent $4.4m on 15-17 Argyle Street, Parramatta, also for a base.
Both buildings traded off-market.
The double-storey inner-city asset at the south west corner of Manning Rd is now earmarked for a five storey mixed-use building.
The Parramatta office is three levels, with 790 sqm of area and is partially rented (story continues below).
Zorick Toltsan of Metro Commercial represented the Double Bay vendor, the Chin family.
Mr Placks said the office would cater for Ray White Double Bay’s long term growth plans.
“We are up 50 per cent on the same time last year as far as transactions are concerned,” the agent is reported as saying.
Like Mr Vines, he said he invested because of his confidence in the area’s commercial precinct.