Will the Doyle's Watson Bay fish empire landholding get bigger?

Will the Doyle's Watson Bay fish empire landholding get bigger?
Will the Doyle's Watson Bay fish empire landholding get bigger?

Doyles have another chance to expand their Watsons Bay fish empire with the listing of an adjoining home.

The property at 2 Cliff Street was under the watchful eye of the Doyle family when it last traded for $1.26 million in 2003, but the vendor, whose family had owned the property for 100 years, refused to sell to the fish giant.

“The previous owner of my home refused to sell to Doyles as the property had been in her family for 100 years," said former small business owner Alex Mestanov, the current vendor of the three bedroom home.

Mestanov secured approval for a three storey development on the property to take advantage of the harbour views and soar above Doyle's main restaurant, which is located infront of the property on the water.

The home actually sits within the Doyle's carpark, who approached Mestanov with a $3 million bid in 2008, when the property wasn't for sale.

Will the Doyle's Watson Bay fish empire landholding get bigger?

The plans are for a mixed-use apartment complex, a penthouse, a two level house style apartment and a 20 seat cafe on the 325 sqm site.

Mestanov tried to sell the site in 2015, but couldn't find a buyer at $5.2 million.

He's now called on Ray White Double Bay agent Evan Williams, who is marketing the home in conjunction with Australian Prime Realty's Tony Braham.

They have a March 28 auction, with no guide, however prices nearby have ranged anywhere between $3 million and $5 million. A recent Cliff Street sale sold for $5 million.

“This original Watsons Bay freestanding home presents a blue chip redevelopment prospect in an iconic location mere steps from the harbour foreshore,” said Williams.

Will the Doyle's Watson Bay fish empire landholding get bigger?

Braham says there are a number of possibilities for the property.

“It offers scope for significant future capitalisation, with the possibility to completely renovate or knock down and build a boutique apartment complex," Braham said.

"Alternatively, take advantage of the Special Purpose Tourist Zoning (SP3) which allows development for Tourist and Visitor Accommodation purposes (STCA),” said Tony Braham.

 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Tags: 
Commercial Property Watsons Bay

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