(source:theaseandeveloper.com)
The existing 1970s 14-unit block on Henrietta Street at 5 Henrietta Street, Double Bay sold to Greater Western Sydney AFL team deputy chairman and property entrepreneur Adrian Fonseca by Tas Costi – Costi Cohen as buyers agent.
Greater Western Sydney AFL team deputy chairman and property entrepreneur Adrian Fonseca has bought an apartment block in Sydney’s affluent Double Bay for $19.2 million to refurbish and eventually build higher by taking advantage of the state’s new rezoning rules.
The existing 1970s 14-unit block on Henrietta Street won’t be knocked down. Instead, it will first be renovated to add amenities such as lifts and a gym before extra levels with more apartments are added in a second phase, designed to appeal to young executives.
“The biggest thing for blocks like this is that there really isn’t a lot in Double Bay that you can buy that’s already amalgamated.” Costi, told The ASEAN Developer.
“Double Bay was almost a market that you couldn’t buy into because the zoning just didn’t allow for it. We used to do a lot of the transactions in and around the commercial areas… now the rezoning has opened up all the neighboring streets.”.
“The market is extremely active for more blue-chip areas, and we’re seeing significantly more activity in locations that previously had limited supply.”
The purchase adds to a string of recent strategic acquisitions in Sydney’s Eastern Suburbs by sophisticated private clients.
Transaction Overview
- Addresses: 5 Henrietta Street Double Bay NSW
- Asset: 14 Apartments, 16 car parks, 4 levels 770 sqm.
- Buyer: Adrian Fonseca, GWS deputy chairman
Buyers Agent: Tas Costi – Costi Cohen
- Price: $19.2M
Location Highlights:
- Perfectly positioned to Double Bay’s vibrant shopping village, picturesque harbor foreshore and ferry wharf.
- Excellent transport links providing easy access to the CBD and beyond.
- Surrounded by a mix of public parks, Sydney’s most popular beaches, and first-class amenities.
- The area is renowned for its high-end retail, dining, and services, further enhancing its appeal.
- This exceptional property provides the perfect balance of immediate income with the potential for future development (STCA).