Double Bay Kiaora Lands project progresses
Sydney’s Double Bay is closer a $110 million redevelopment of Kiaora Lands, with joint-venture partners Woolworths and Woollahra Council agreeing on commercial plans.
The plans, which were first discussed in 2008, include shops, a Woolworth’s supermarket, a library and a car park built.
The agreement comes after stalls in talks between the two parties in council meetings where three councillors voted to prolong discussions.
The Wentworth Courier reports that the deal includes two loans totalling more than $75 million from Woolworths, with $25 million to be funded through the council’s property reserve.
The Double Day project does not include the neighbouring Sheaf Hotel, which has been a long mooted addition to the project.
The Solotel hotel group is currently trying to sell the neighbouring heritage-listed 1936 Sheaf Hotel with $80 million hopes through John Musca of Jones Lang LaSalle.
