Controversial Double Bay high rise hits the market in new twist to four-year saga
The former Ritz Carlton/Stamford Plaza hotel site in Double Bay is back on the block, with Kevin McCabe’s Scarborough Pacific Group listing the residential high-rise development prospect.
CBRE is marketing the Cross Street property following recent development approval for a complex with 78 apartments along with a 600-seat cinema complex with five screens.
Architects PTW designed the eight-storey U-shaped building, which will feature views over Sydney Harbour. The hotel closed in 2009.
Scarborough took over control of the project from the beleaguered Ashington group, which failed to get either Woollahra Council or state government approvals given heights concerns. The original proposal from Ashington was 14 storeys.
The last sale of the six-storey complex is unknown, but it has been reported the 2008 purchase by Ashington was $81.5 million.
It’s been reported that since its December 2011 development approval, Scarborough has been approached by a number of parties looking to acquire a stake, despite the number of floors being trimmed back, along with the profit margins, from nine floors to eight to secure approval.
The expressions-of-interest campaign could result in McCabe either selling the development or striking a partnership deal.
The development will reportedly have an end value of about $230 million.
McCabe has told Fairfax Media that demand for such a prized location, with full planning permission, was hardly surprising.
“Double Bay … is one of the jewels of Sydney’s exclusive eastern suburbs” and ranks as one of “Australia’s most densely populated areas”, he said.
Source : Jonathan Chancellor. Property Observer. 29 February 2012.
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Tamarama loses some glamour as post-GFC prestige sales find their feet
The architect-designed Tamarama house (pictured above) owned by Dan White, the Bellevue Hill-bound great-grandson of the founder of the Ray White real estate empire, and his wife, Sam, has been sold.
At $6.6 million it was a little short of its desired $7 million selling hopes when initially listed through Ray White Double Bay’s Elliott Placks.
The suburb’s record $11 million sale – and another at $10.5 million – were achieved in mid-2008 just before the global financial crisis and its ensuing prestige price re-adjustment.
While certainly no longer commanding ambitious boomtime prices, it’s the second prestige home to sell at Tamarama in the past month.
The Bellevue Hill-bound plastic surgeon Robert Drielsma has sold his Tony Masters-designed Tamarama house (pictured above) for about $6.75 million.
The four-bedroom house last sold for $6.1 million in 2004 when it was bought from the Rubicon bigwig Gordon Fell and his wife, Pip.
The contemporary, three-level house in Wolaroi Crescent was built after the 501-square-metre block was bought for $1.45 million in 1997.
Bordering the gully reserve of Tamarama Park opposite the beach, the three-level house is set in landscaped gardens designed by William Dangar.
The house sold through Pauline Goodyer of GoodyerDonnelley Real Estate and Belle Property’s David Vereker, who were aiming for $8 million.
Its initial hopes last year were $11 million.
It’s now been listed at $5,000 a week through Sydney Slice Executive Rentals by its new owner.
The White couple sold because they’re upgrading to a 2,460-square-metre Victoria Road property in Bellevue Hill with tennis court.
The four-bedroom, four-bathroom Tamarama residence constructed three years ago has interiors by Briony Fitzgerald, the interior designer daughter of the acclaimed designer Ann Gyngell.
Drielsma and his wife, anaesthetist, Debbie Hong, have upgraded to a Bellevue Hill residence they bought for $9.85 million earlier this year. It had been listed in August last year with $14 million hopes.
Source : Jonathan Chancellor, Property Observer, 4 October 2011
Sir William Tyree lists $40 million mansion in Darling Point
One of Sydney Harbour’s longest property owners, Sir William Tyree, the founder of a 1940s electrical transformer manufacturing company, has listed his $40 million plus Darling Point harbourfront residence. Sir William – who briefly dabbled in fm radio licences in the late 1970s – gave his address as Darling Point when he was knighted in 1971 for philanthropic services. In the early 1990s Sir William successfully resisted attempts by Woollahra Council to turn his foreshore land, which has unrivalled boating facilities, into a harbourfront open space linking to nearby McKell Park. Sir William has engaged three agents Bill Bridges of Ballard Property, Ken Jacobs of Christies International and Michael Dunn from Richardson & Wrench to find its buyer.
Source : Jonathan Chancellor, Property Observer, 11 August 2011
The property location is 3 Lindsay Avenue Darling Point
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