Double Bay’s prestige status boosted by record $10.5 million penthouse sale

 

The sale of two apartments in Double Bay’s new luxury 1788 development has smashed the suburb apartment record, cementing its place as one of Sydney’s premium downsizer markets.

The bullish sales coincide with Woollahra Council’s decision on Friday to give in principle agreement to allow the return of a cinema to the suburb for the first time since 2004 when the Greater Union complex was closed and moved to Westfield Bondi Junction.

 

The penthouse atop the six-storey building sold for $10.5 million shortly before Saturday’s VIP launch of the 31 apartments, followed by an apartment on level three for $9.6 million.

The six-level complex is due for completion in early 2019.

 

Empty nesters from Darling Point and Bellevue Hill were credited with securing the development’s top two sales, both topping the suburb’s previous apartment high of $8.9 million set in 2014 when the Chancellor penthouse sold to Lynette Harvey, former wife of retail billionaire Gerry Harvey.

Ben Stewart, a director of CBRE, declined to reveal the buyers’ identities, but had previously predicted that the vast majority of buyers would come from local downsizers.

At 180 square metres, the penthouse sale translates to a bullish $58,333 per square metre.

 

At Saturday's VIP launch, 11 of the 31 apartments had sold for a total of $55 million.

 

Local agent Brad Caldwell-Eyles, of 1st City, said: “Double Bay’s premium stock is generally returning about $30,000 a square metre and $35,000 a square metre for penthouses.”

By lunchtime on Saturday 11 of the 31 apartments had been sold, worth more than $55 million, according to Mr Stewart.

Designed by Bates Smart, it is due to be complete by early 2019.

The 1788 is being developed by SJD Group, headed by Shanghai developer Shi Jiandong, who bought the Cross Street site from the Rich Lister Roche family late last year for $54.6 million. The company bought the site next door in July for $45 million from the wealthy dry cleaning business owning Eisman family.

Double Bay’s run of bullish residential site and apartment sales coincides with rising commercial and retail rental rates as well, according to Mr Caldwell-Eyles.

As part of Woollahra Council’s bid to lead a revitalisation of Double Bay it entered into a public-private partnership with Axiom Properties and its development and cinema consortium, Built and Palace Cinemas, to convert the public car park on Cross Street into a mixed residential and commercial building with a boutique cinema complex, retail space and public parking.

 

Source from: https://www.domain.com.au/news/double-bays-prestige-status-boosted-by-record-105-million-penthouse-sale-20170826-gy4qtu/