Top Spring is pushing ahead on its apartment portfolio, buying a $94-million, development-approved site, next to the Double Bay’s InterContinental Sydney.
The Hong Kong property group exchanged contracts on Double Bay Plaza site with the Rose family who had already gained an approved application for a seven-storey, mixed-use development.
The plaza was last put on the market in 2018 with price expectations around $90 million for the 1334sq m site at 19-27 Cross Street, Double Bay.
The plans for the site feature 18 apartments including three penthouses across five levels as well as ground floor commercial and retail space designed by Luigi Rosselli Architects.
The InterContinental also recently changed hands, sold for about $180 million to Fridcorp and Piety Group in May.
Top Spring Australia managing director Sydney Ma said the purchase would bolster their eastern suburbs portfolio.
“Sites of this calibre are really rare, so it’s incredibly exciting to add it to our growing portfolio,” he said.
“In line with our premium project at Elizabeth Bay, Munro House, this project will encapsulate all the hallmarks that Top Spring Australia is known for, including new technology, art, green spaces and contemporary design.
“There’s clearly market interest in prestigious projects, despite the pandemic.”
Munro House, a 30-apartment project, generated more than $70 million in sales in two months.
The Double Bay sale was brokered by 1st City Real Estate Group and construction is expected to commence on the apartment project one once it settles.
Top Spring is also working on a $400-million residential development in St Leonards South, submitting plans for 329 residences in August.