$100 million plus Macleay Street, Potts Point shop top residential site consolidation put to market

$100 million plus Macleay Street, Potts Point shop top residential site consolidation put to market
$100 million plus Macleay Street, Potts Point shop top residential site consolidation put to market

The owners of four adjacent buildings in Potts Point have now joined forces to market a large 2170 sq m residential apartment project site on Macleay Street.

Two apartment buildings at 91-93 Macleay Street (above) and another at 10-12 Hughes Street were originally rushed to market in June.

But now the owners of the two smaller adjacent buildings, also on Macleay Street, have added their holdings to the amalgamated offering.

The buildings are in a mixed-use zone but there is no DA approval.

0 million plus Macleay Street, Potts Point shop top residential site consolidation put to market

The initial disjointed offering was when the owners of the 43 apartments in the Nati Stolliar-built Axus and Reigate, on Hughes St, and its seven retail spaces in the two blocks had listed their properties as a combined site spanning 1242 square metres.

The two substantial holdings are at 91-93 Macleay Street and 10-12 Hughes Street. The latest additions to the site are the former Opium Den restaurant and the Blue Parrot backpacker premises.

There was no public initial price guide for the combined block, but JLL cited Double Bay sales of $45 million and $55 million.

Domain now advises it's a $100 million plus offering, as a supporting local agent R&W comes onboard.

The proposal has been driven by the AXUS body corporate who always sought including all four of its neighbouring properties.

The AXUS building land area is 940 sqm.

Under current planning controls, AXUS has a maximum allowable GFA of 4689 sqm.

An amalgamated site of all five potential properties has a maximum allowable GFA in excess of 9200 sqm, Brent Heatley from the strata manager, SRC has suggested.

Concept plans created by an unknown leading architectural firm comprises 91 apartments (1, 2 & 3br), ground floor commercial/retail areas, plus two level basement parking for 100 vehicles.

Given the idea was germinated four years ago, Heatley has advised plans were well advanced in the legal process of renewing the AXUS strata plan, to consolidate the building’s 41 residential and commercial lots into a single market-ready entity.

The Macleay and Hughes Street corner holding, the former La Strada Restaurant premises, and now Spitroast, is not part of the offering, but is set to be listed separately shortly. 

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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Potts Point Property Development

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