Double Bay 1788 display suite sells for more than $20m to developer
The Double Bay display suite for the luxury 1788 apartments has sold off-market for a mind-blowing price to a property developer in light-speed time.
Word on the street is that it’s fetched more than $20m, a significant windfall for Darling Point-based investment firm S and L Holdings, which bought it for $3.6m in 1997 from the National Australia Bank.
Commercial buyers agent Tas Costi from Costi Cohen showed the buyer through the two-storey building on the 353sqm block at 384 New South Head Rd on Tuesday and it exchanged on Wednesday.
“No-one can believe how quickly it happened,” Costi said, who, along with the sales agent
Marina Makhlin of LJ Hooker, had no comment regarding the price, buyers or sellers.
However, a caveat on the land title indicates the buyer is a local developer that’s built a range of boutique developments in Rose Bay and one each in Bondi Junction and Bondi Beach.
It’s understood the developer intends proceeding with the four-storey commercial and retail building that’s been approved for the site.
The tenant has been SJD Property, which developed 1788.
Ray White Double Bay’s Craig Pontey has now sold 19 of the 20 apartments in the now complete 1788 project at nearby 20-26 Cross St.
One of the penthouses broke records when it sold for $13.75m off the plan in 2017 and Pontey says he’s shown “quite a few people through in the last couple of weeks” in the other penthouse that has a $16m asking price.
“It looks quite reasonable buying after that one in William St sold for $16m that’s 150sqm — ours is double the size!”