Rose Bay substation apartment development site sells for $6.65 million

Two bidders competed over the last $1 million for the former Energy Australia substation site

Rose Bay substation apartment development site sells for $6.65 million
Rose Bay substation apartment development site sells for $6.65 million

A Rose Bay apartment development site has fetched $6.65 million at recent auction.

There were just the three bidders at the Cooley auction room for the former Energy Australia substation site.

Two bidders completed over the course of the last $1 million for the offering at 3-5 The Avenue, Rose Bay.

It sold to the opening bidder who offered $5.4 million for the decommissioned substation set within moments of village shops, cafes, Harris Farm Markets and Parisis Food Hall.

Rose Bay substation apartment development site sells for .65 million

The mostly cleared site came with a freestanding solid double brick structure with high walls with the opportunity to use the structure as a foundation for its redevelopment

The Raine & Horne marketing suggested it had "fantastic potential to create luxury contemporary apartments."

Rose Bay has seen a surge in new apartment projects including the sellout The Benson.

Other luxury projects have included The Carlisle at 33-37 Carlisle Street, and Richmond Rose at 6-8 Richmond Road.

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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