Elizabeth Bay site set for Top Spring apartment development sells for $35.75 million
The Elizabeth Bay site that the integrated property group Top Spring Australia are set to convert in to a residential apartment development, has sold for $35.75 million.
The disused 1,347 sqm site at 11-13 Greenknowe Avenue was sold by the Chinese-backed Australian developer SHMH Group Australia, who were the most recent occupants of the tired building.
They had sought around $30 million for the site last year through CBRE, but failed to find a buyer. SHMH had paid $20.24 million for the property in 2014 and had intended on developing the site themselves, but struggled to get an eight level building approved.
They then had a 52 room boarding house approved, with conditions, but steps to expedite the deferred commencement with the council were not successful.
They had been using the property, the former HQ of the NSW Country Women's Association, as offices.
Now Top Spring Australia, who have also created The Clermont in Bellevue Hill and a 400-apartment development in St Leonards, will demolish the current building and create a part six, part seven storey residential building made up of 30 one, two and three bedroom apartments.
The Elizabeth Bay complex will be only for owner-occupiers, or those on long-term residential leases, and not for short-term accomodation. Sales are expected to commence in April 2021, with completion slated for 2023.
PBD Architects have designed the building which will recognise the heritage character of the surrounding area, with a brick façade and art deco features.
Top Spring also recently appointed award-winning Melbourne-based designer, Miriam Fanning, of MIM Design.
Taylor Brammer Landscape Architects have also been commissioned for the project.
Sydney Ma, Director and General Manager of Top Spring Australia, says Greenknowe Avenue will also demonstrate the company’s ambition to incorporate the character of the local area into each of their projects.
“Elizabeth Bay is well-known for its stunning architecture, so with our Greenknowe Avenue project, we are committed to delivering an exemplary level of quality and design, while respecting and honouring the distinctive architectural character of the local surroundings,” explained Mr Ma.
“In this context, it will be of utmost importance for us to deliver an outstanding building design that complements Elizabeth Bay, and it’s pleasing to know the City of Sydney approves of our vision.”