Greencliff's Stanley Quek buys Potts Point commercial terraces
Former Frasers boss and veteran international property developer Dr Stanley Quek, has quietly bought a landmark row of commercial terraces in Potts Point for $18 million.
The Bayswater Road commercial site is made up of four Victorian heritage terraces built in the late 1880s.
Quek, chairman and founder of Sydney based developer Greencliff, is a key figure in apartment developments across Australia as well as London and Singapore.
He was behind the Foster & Partner designed Lumiere Residences in the Sydney CBD and the $2 billion Central Park mixed-use project in Sydney’s Chippendale.
The London-esque Bayswater Road strip came 100% leased to popular nightclub World Bar, an F45 training studio and a hair salon, but have probable residential or boutique hotel potential.
Offering 32 metre frontage to Bayswater Road, the site area of 960 sqm across four freehold titles also offers boutique office accomodation.
It has possible residential terrace accomodation.
Knight Franks Richard Garland and Jonathan Vaughn were handling the recent resale marketing in conjunction with LJ Hooker Commercial agent Daniel O'Brien.
It last traded for $12 million in 2015 when it was bought by a consortium including Eagle Property Group and hotel entrepreneur Paul Fischmann.
Fischman is the founder and chief executive of 8Hotels.
Dr Quek held senior positions across Frasers Property Australia, Frasers Property UK and region development.