Cross Street, Double Bay drycleaner retail premises hits the market

A rare freehold trophy asset in the Double Bay village has hit the market. It has long been the outlet of the owner occupiers Florida Drycleaners.

The low rise property on the busy Cross Street has a tenancy mix of boutique retailers, cafe and office space.

Colliers International agents Miron Solomons, Matt Pontey and Nick Lumley are marketing 10 Cross Street for July 11 auction on behalf of the Gordon family.

“This is a generational asset held by a private family linking the two main arteries of Double Bay; Knox and Cross Street,” said Solomons.

“We are expecting a great deal of demand for this asset, driven by the intrinsic value of freehold property in Sydney’s most prestigious waterside suburb as well as the property’s diverse income streams and future development potential.” 

Matt Pontey said Double Bay continues to drive demand for investors.

The five retail shops plus a first-floor commercial office have a net income of $162,829.50 per annum.

The flexible B2 Local Centre Zoning comes with a FSR of 2.5:1 and a height limit of 14.7 metres.

“Double Bay is buzzing with activity with the redevelopment of Double Bay and Cross Street carpark, as well as developments such as 1788 by SJD Property and The Hunter by Toga.

"The area has seen substantial development activity over the last 12 months, with developers competing for luxury residential sites along Cross Street.”

“This is an opportunity to buy a freehold asset with part ownership of the pedestrian thoroughfare linking Double Bay’s two iconic retail streets, Cross & Knox Street.”

Solomons and Pontey sold the neighbouring property 12 Cross Street, in 2018 to the Hong Kong media family, the Ma’s, achieving a record yield of 1.8% return. 

CoreLogic put the 10 Cross street site as 329 sqm.