Darling Point waterfront site with approved plans for four new luxury apartments has $50m guide
The dream for Sydney’s high-end empty-nesters leaving their big homes is to find a low-maintenance north-facing residence on the waterfront.
That’s what makes developer Michael Teplitsky’s vision for 77-81 Yarranabbe Rd, Darling Point so attractive.
“It comes with DA-approved plans by Koichi Takada architects for whole-floor, some double-floor, apartments, right on the waterfront with north-facing iconic views — where else in the east can you get that?” asks Ist City Double Bay’s Julian Hasemer, who shares the listing with colleague Brad Caldwell-Eyles and Colliers agents Matthew Meynell and Matt Pontey.
There are expectations of $50m and it’s already attracting interest from developers and high-net worth individuals.
Teplitsky bought up each of the units between 2017 and 2019 for a total of $36.5m.
The size of the apartments approved range from 215sqm to 329sqm.
Hasemer expects the 229sqm unit may fetch $25m while the 329sqm penthouse could attract $38m.
“The completed building based on the approved apartments would yield circa $120m, in my opinion,” he said.
Meynell from Colliers said that opportunities of this size and scale right on Sydney Harbour rarely come to market.
“Combine this with DA approval for four high-end apartments and you have one of the most attractive listings to hit the market so far this year,” he said.
Demand is strong for apartments of this calibre. High-end developments such as ODE by Top Spring in Double Bay are being sold for close to $100,000 per square metre.
And last March, a trophy home in Darling Point’s Lindsay Ave owned by the Allen family sold for $60m.
You have until May 10 to lodge your interest in the Yarranabbe site.