$23.5 million sale in Rose Bay

$23.5 million sale in Rose Bay

By Master User | 25-02-16
Domain.com.au Report on $23.5 million Rose Bay sale, as written by Lucy Macken.

Ageing very gracefully: Well-heeled buyers hatch $23.5 million retirement plan in Rose Bay.

A shortage of luxury apartments set in prime harbour-front locations has inspired a syndicate of well-heeled buyers to take matters into their own hands and redevelop their own future downsizing digs.

Seven luxury apartments designed with seniors in mind are set to be built for a who’s who of Sydney’s business elite on a beachfront site at Rose Bay that sold for $23.5 million.

“As news has spread of what we are doing, a waiting list has formed of people who want to buy in to the development if anyone drops out,” said architect Dennis Rabinowitz, who is chief among the downsizing investors and the project’s designer.

A caveat on the double-title site reveals the other buyers include Point Piper-based businessman Gary Wolman, former Meriton chief architect and managing director Peter Spira and office furniture wholesalers Nadine and David Levin.

Other well-known buyers are former chief of the Jewish Community Association Ian Sandler, dentist and Prime Practice chairman Phillip Palmer, and Cherryl Frank, wife of financial and tax whiz Barry Frank.

Brad Caldwell-Eyles and Julian Hasemer, of 1st City Double Bay, who negotiated the sale, said the strong sales result for site reflects on the lack of high-end downsizer options in the east’s harbourside village neighbourhoods.

Caldwell-Eyles said the stellar performance of Double Bay’s luxury apartment market in recent years has been driven largely by the demand from high-end empty nesters.

“And Rose Bay’s luxury apartment market is on the precipice of a real lift in values as the local facilities, local medical services and eateries have improved lately,” Caldwell-Eyles said.

Given strong demand for similar luxury apartments in Double Bay, Domain data shows apartment values rose 17.2 per cent last year to a median of $1,208,000.

The 1400-square-metre development has long been the site of an art deco block of six apartments owned by the Morgan family on the beachfront and the Budget petrol station on New South Head Road, owned by Ari Spindel.

Both properties were previously valued at between $7 million and $8 million separately. DA plans for a block of eight apartments in a mixed-use building on the site of the petrol station were submitted to Woollahra Council last year.

“We will lean on those plans, but what we plan to build is seven luxury apartments overlooking the harbour, two smaller apartments that look out onto New South Head Road and a retail and commercial space at street level to be leased out,” said Rabinowitz, principal of JPRA Architects.

“One of the smaller, street-front apartments is already accounted for in our group, and the second one is a spare.”