Without Reserve
The property at 12 Cross Street in Double Bay has sold at auction for $14.7 million, through Colliers International, with the Marr family the purchaser. It consists of 5 retail tenancies and 5 commercial tenancies and has been tightly held by the same family for generations, and is its first time on the market.
12 Cross Street could be developed into a new apartment block.
According to Miron Solomons, director of investment services, who sold the property in conjunction with James Wilson, director of retail investment Services at Colliers International and Matt Pontey, the auction saw a mix of local and offshore developers competing for site with bidding starting at $8 million. Damien Cooley of Cooley Auctions, conducted the sale.
“Double Bay has seen substantial development activity over the last 12 months, with both local and Chinese developers competing for luxury residential sites along Cross Street, and the Marr’s have decided to capitalise on this regentrification,” Mr Wilson said.
Glass upgrade
Chef Luke Mangan and the Hilton Sydney are undertaking a $1.5 million upgrade of the popular Glass Brasserie. It will focus on the changing dynamics of Sydney's dining scene and offer a range of new food and different offerings in the design of the space. Mr Mangan will unviel his plans next week.
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