Double Bay's 1788 disappoints with less than half sold

Double Bay's 1788 disappoints with less than half sold
Double Bay's 1788 disappoints with less than half sold

The penthouse atop the 1788 Double Bay six-storey building sold for $10.5 million shortly before Saturday’s VIP launch of the 31 apartments.

Its sale was followed by an apartment on level three for $9.6 million.

The six-level complex is due for completion in early 2019

Empty nesters from Darling Point and Bellevue Hill were the buyers of the development’s top two sales.

Both topped the suburb’s previous apartment record when $8.9 million was paid in 2014 when the Chancellor penthouse sold to Lynette Harvey.

Selling agent Ben Stewart said at 180 square metres, the penthouse sale translated to a bullish $58,333 per square metre.

At Saturday’s VIP launch, just 11 of the 31 apartments sold for a total of $55 million. 

Sales included $3.8 million paid for a two-bedroom apartment, a very strong price.

Designed by Bates Smart, it is due to be complete by early 2019 by SJD Group, headed by Shanghai developer Shi Jiandong, who bought the Cross Street site from the Roche family last year for $54.6 million. The developers, SJD Property, are most famous for Rich Gate — among the most expensive compounds in Shanghai.

The company also bought the site next door in July for $45 million from the dry cleaning business owning Eisman family.

As part of Woollahra Council’s revitalisation of Double Bay it recently entered into a public-private partnership with Axiom Properties and its development and cinema consortium, Built and Palace Cinemas, to convert the public car park elsewhere on Cross Street into a mixed residential and commercial building with a boutique cinema complex, retail space and public parking.

Late last year TOGA sold all 13 apartments in its new Double Bay development; ahead of the sales suite opening to the public.

The Hunter is a $50-million boutique-style development located elsewhere on Cross Street.

The buyers were from its registered database of clients.

They sold within a fortnight of pre-marketing.

TOGA Development & Construction Chief Executive Officer, Fabrizio Perilli said 10 of the 13 apartments sold to owner occupiers.

It will be anchored by a boutique ground-floor retail precinct with a mix of cafes, restaurants and wine bars in a nod to Double Bay’s European character.

The JPR Architects-designed building will feature a contemporary terraced facade with shuttered balconies above the retail precinct to create a European-inspired connection between the private and public domain.

Construction at is scheduled to be completed in early-2019.

Apartment Development Double Bay

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