Mystery after Knox Street, Double Bay premises sell for $12.5 million

Mystery after Knox Street, Double Bay premises sell for $12.5 million
Mystery after Knox Street, Double Bay premises sell for $12.5 million

Mystery surrounds the sale of Double Bay retail and office premises that sold for $12.5 million at auction tonight.

The top bidder was Eduard Litver who owns the retail component of the Cosmopolitan Centre on the opposite side of Knox Street.

But there are whispers Litver was bidding for the Ma family who own adjoining premises. 

The family of Hong Kong press baron Ching-Kwan Ma has been buying up Double Bay in recent times.

Auctioneer James Keenan announced the 31-33 Knox Street premises on the market at $10.2 million.

There were just the two bidders.

It is sandwiched between the Savoy Hotel and the newly located ANZ Bank, which replaced the long running D'Bees Restaurant.

The property also comes with an additional rear access to Knox Lane.

Mystery after Knox Street, Double Bay premises sell for .5 million

The lower ground space is tenanted by Sportscraft, which has recently been renovated throughout with a lease that expires September 2022.

Christie's occupy the top floor of the two level Knox Street building. The executive office floor spans 250 sqm.

The modern double storey asset with plate glass and concrete facade has a net passing income of around $435,000 per annum.

There's 485 sqm of total lettable area on its 300 sqm parcel which is zoned flexible B2 local centre.

Ray White Commercial agents Jacob Fahd and Grant Whiteman marketed the property.

The outgoings total $64,000 including $11,000 council rates and $42,000 land tax. 

The Ma family's last Double Bay purchase was $14.7 million on Cross Street.

There was a $12.5 million purchase by the Ma family in 2016 on Bay Street from the Perth socialite Rose Porteous.

 

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Double Bay Office Listing

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