The duo behind the $1-billion redevelopment of a Sydney landmark has put one of its high-profile sites to market.
The waterfront site at tightly held Neutral Bay is predicted to fetch north of $20 million.
It is being sold by Capital Group managing director Eduard Litver and Rebel Property Group managing director Allen Linz, who acquired the site during the pandemic in 2021 before securing development approval.
Linz said that although it was “undoubtedly one of the most extraordinary sites in Australia, and certainly in Sydney”, due to their commitments to other significant projects, they believed they would not be able to “dedicate the full and proper attention that this unique opportunity deserves”.
Those larger projects include the transformation of the InterContinental Hotel at Double Bay into a $1-billion lifestyle precinct.
The project will create a mixed-use building with high-end retail and dining, a boutique luxury hotel, office suites, a health and wellness centre, and 29 homes.
Colliers’ Tom Appleby and CBRE’s Ben Wicks have been appointed to market the Neutral Bay site at 1 Hayes Street site, which fronts Hayes Street Beach and adjoins Neutral Bay Wharf.
On the site is a two-storey walk-up, which is built over the harbour and comprises nine tenancies, including the popular Thelma & Louise cafe. The building has been approved for significant alterations and additions.
Designed by Popov Bass, the four-storey project (pictured above) comprises four luxury homes, three retail suites and parking for six cars for a total GFA of 774 square metres.
The project’s penthouse would include a rooftop infinity pool.
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While the agents would not be drawn on a price guide, a source close to the site indicated pre-campaign interest had been received in the mid-$20 millions.
Appleby said the agents were anticipating a record result given the strong interest already expressed by several prominent groups.
“Derisked, approved development opportunities that are ready-to-go have become noticeably popular these past few months,” he said.
“This is one of the most unique waterfront development opportunities we’ve seen in recent years.”
Wicks said the combination of the east-facing harbour frontage, direct ferry access and the potential passive income generation made it a standout for developers seeking a landmark luxury project with enduring value.
An expression-of-interest campaign for the Neutral Bay site is due to close on August 27.
