Double Bay transformation spurred on by prime development site listing

A substantial commercial development site in the heart of one of Sydney’s most affluent and sought-after suburbs hits the market.

The mammoth 1,138sqm site at 393-395 and 397-399 New South Head Road in Double Bay is underpinned by two key anchor tenants in Westpac and Commonwealth Banks whilst offering significant development uplift along New South Head Road which connects Double Bay to the Eastern Suburbs and Sydney CBD.

The property comes with flexible E-1 Local Centre Zoning, creating the perfect base to deliver a prime mixed-use development in an evolving and growing market. Offered with existing and unprecedented parking onsite for 19 cars.

The Colliers team of Matt Pontey and Miron Solomons in conjunction with Grant Whiteman of Ray White Commercial have the listing, with price expectations in the order of $40 million.

“This is the largest remaining development opportunity adjacent to the successful Kiaora Lands, which includes Woolworths, Dan Murphy’s, council library and 440 public car spaces. The added bonus of unrestricted rear street access and parking enhances the site’s huge potential,” Mr Whiteman said.

“There is huge opportunity to unlock the site through planning whilst at the same time enjoying a substantial income derived by a diverse set of tenants,” Mr Pontey added.

“Double Bay is a market which has been historically tightly held with generational ownership leading local sales. The next generation is now taking hold and creating the ‘New Double Bay’ which has spurred commercial development,” Mr Solomons said.

Despite fluctuating market conditions, the Eastern Suburbs has remained strong thanks to its sound fundamentals, with investors seeking less risk adverse markets with a proven historical record.

Transaction activity within the region has remained incredibly tight, with the local market not seeing a substantial site of this nature delivered to market since the sale of 19-27 Cross Street for $94 million to developer Top Spring in 2021. 393-395 & 397-399 New South Head Road, Double Bay, is for sale via an Expressions of Interest campaign, closing on September 6th, 2023.