Banking on $40m for Westpac, Commonwealth site in Double Bay
393-395 and 397-399 New South Head Rd, Double Bay has a guide of $40m.
A mammoth Double Bay development site that could see a mix of new retail, offices and apartments is expected to fetch $40m in an expressions of interest campaign.
Currently home to Westpac and Commonwealth Bank, the 1,138sqm block at 393-395 and 397-399 New South Head Rd is up for sale via the Colliers team of Matt Pontey and Miron Solomons in conjunction with Grant Whiteman of Ray White Commercial.
“The incoming purchaser is likely to start planning almost immediately,” Mr Pontey said.
“The lease profile allows development to be undertaken in the near future, subject to council approval.”
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An aerial view of the two banks at 393-395 and 397-399 New South Head Rd, Double Bay.
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The property is owned two brothers from Coffs Harbour who bought the Westpac site for $2.82m in 1998 and the CBA site for $15m in 2018.
The time is ripe to sell, with demand high in Double Bay for office accommodation and of course luxury apartments.
The allowable height is 18 metres, with several developments in the Double Bay commercial hub approved for six storeys.
The property, with E-1 Local Centre Zoning, currently has parking onsite for 19 cars.
Says Mr Whiteman: “This is the largest remaining development opportunity adjacent to the successful Kiaora Lands, which includes Woolworths, Dan Murphys, council library and 440 public car spaces.”
He said there’s the bonus of rear access to Kiaora Lane.
A distant view of New South Head Rd snaking through Double Bay.
Mr Solomons said Double Bay is a market that 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 added.
This is the biggest Double Bay site to come to market since 2021, when the 1,334sqm block at 19-27 Cross St sold to developer Top Spring for $94m.
Expressions of interest close on September 6.
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