Top Spring secure $94 million Double Bay apartment development site
The integrated property group, Top Spring Australia, has spent $94 million buying the Double Bay Plaza, with plans to go through with the approved mixed-use development by Luigi Rosselli Architects.
That will see 18 large apartments sit across a five level building, above four large format ground floor commercial and retail spaces at 19-27 Cross Street, or the corner of Cross Street and Transvaal Avenue, the suburb’s most exclusive shopping enclave.
The 1,334 sqm site is directly adjacent the InterContinental Sydney Double Bay.
The plan also includes a north-facing plaza to connect potential food and beverage operators with the existing dining spaces in the unique heritage conservation area along Transvaal Avenue.
Top Spring Australia's Managing Director, Sydney Ma, said the company aims to cement its reputation for delivering high-end residential living with the Double Bay project.
“In line with our premium project at Elizabeth Bay, Munro House, this project will encapsulate all the hallmarks that Top Spring Australia is known for, including new technology, art, green spaces and contemporary design,” Ma said.
“As with all our projects, we’ll be appointing a leading team of consultants, including interior and landscape architects, stylists, as well as a renowned artist to inform the public art strategy, to ensure the project’s luxury potential is fully realised.
“Given the generous size of the residences, with the largest being 283sqm, the harbour views available from the second level upwards, and the unrivalled location in one of eastern Sydney’s most prized and exclusive suburbs, this project will reset the already high bar for prestige projects in the Eastern Suburbs.
“We expect the residences will be of immense appeal to affluent Eastern Suburbs clientele who are wanting to live in the heart of Double Bay, with everything they need on their doorstep.
“Sites of this calibre are really rare, so it’s incredibly exciting to add it to our growing portfolio. “The success of our Munro House project, which recently generated over $70M in sales in just two months, has reinforced our strategy to invest in high-end projects in prized suburbs such as this. There’s clearly market interest in prestigious projects, despite the pandemic,” Ma added.
Construction is expected to commence once the sale, which was brokered by 1st City Real Estate Group’s Managing Director, Brad Caldwell-Eyles, settles.
Top Spring are currently developing Munro House, a boutique apartment development in Elizabeth Bay.