Hong Kong developer Top Spring has paid $94 million for a large site in Sydney’s rapidly transforming Double Bay and plans have been approved for an apartment complex where penthouses will cost more than $20 million.
Top Spring Australia managing director Sydney Ma said the six-level Double Bay project, designed by Luigi Rosselli Architects, would target affluent downsizers from wealthy suburbs nearby such as Bellevue Hill, Point Piper, Woollahra and Vaucluse.
It is the latest of several commercial and residential projects transforming the high-end retail and restaurant area – long known as “Double Pay” by many Sydneysiders – into more of a residential, working and lifestyle zone.
Currently occupied by Double Bay Plaza – a set of low-rise shops owned by the Rose family for many years – the 1334sq m corner site at 19-27 Cross Street is next door to the InterContinental Double Bay, which sold for about $180 million in May.
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Selling agent Brad Caldwell-Eyles said the site originally came to the market two years ago but was withdrawn until it had development approval (DA), which came through in late July, and there were eight bids for the property.
“Once the DA was approved, the guesswork had been taken out of it, the risk had been decreased,” Mr Caldwell-Eyles said.
“That was always the issue. [Woollahra] Council was always being such a dissenting authority throughout the process that people were worried about it not being approved.”
Mr Ma from Top Spring Australia said the company was aiming for an end-development value of more than $200 million across 18 apartments including three penthouses over five levels. The ground floor will feature four large-format commercial spaces.
“We’re very excited – in the eastern suburbs, sites like this don’t come by easily and Double Bay is really one of the hot markets,” Mr Ma said.
He said Top Spring was aiming to set a suburb record for luxury apartments.
“We haven’t fixed in a price yet because it’s too early but let’s say for the penthouses we think they’ll sell for more than $20 million each and I’d say $10 million for the three-bedroom apartments.”
Top Spring, a publicly-listed integrated property developer based in Hong Kong, has big plans for the Australian market, where it has a $1.5 billion pipeline, according to Mr Ma.
“There’s a fair bit coming up,” he said. “We have a very positive outlook for the Sydney market and are really looking to build this portfolio in coming years.”
Other Top Spring developments include upscale Munro House in nearby Elizabeth Bay, where apartments worth $70 million have sold in two months.
“The success of Munro House has reinforced our strategy to invest in high-end projects in prized suburbs. There’s clearly interest in prestigious projects despite the pandemic,” Mr Ma said.
Construction is expected to start in the middle of 2022.
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