The redevelopment of what is currently InterContinental Hotel Double Bay into a new venue at 33 Cross Street, in Sydney’s upmarket Double Bay, is expected to be completed in two years.
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The project, spearheaded by Capitel Group’s managing director Eduard Litver and Rebel Property Group managing director Allen Linz, will create a mixed-use building with high-end retail and dining, a boutique luxury hotel, office suites, a health and wellness centre, and 29 residences.
The project’s end value is estimated at $1 billion. It is one of a number of large projects taking shape in the exclusive precinct led by developer Fortis and backed by Pallas Capital.
Cross Street’s redevelopment will create a new 40-room boutique hotel, three cinemas, office spaces and new public zones. The Cox Architecture-designed project on the 3674 square metre site will be led by development managers Metis Group.
Capitel Group’s Eduard Litver said the scheme would reinvigorate the blue-ribbon waterfront suburb. The Intercontinental will continue to be run by hotel managers IHG until demolition starts sometime next year.
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Private developer Freecity Group has settled on its second significant site within Sydney Olympic Park which it estimates will be worth $1.5 billion upon completion. The site, at 3 Figtree Drive with additional land at 6 Herb Elliott Avenue, was acquired from the listed GPT Group in June 2023.
The purchase will make Freecity one of the largest landholders in Sydney Olympic Park Town Centre Core, with a two-hectare site adjacent to the Metro station site.
The combined sites offer a potential 30,000 square metres of commercial and retail development space and 150,000 square metres of residential or living sector assets offering more than 2000 dwellings, all of which is subject to development approval.
These residential dwellings will be a mix of build-to-rent, co-living, and built-to-sell apartments. Freecity has portfolio of over $4.6 billion in mixed-use and residential projects.
The NSW government has sold close to $25 million worth of properties in a public auction of surplus land.
The properties were mainly earmarked for residential developments of different sizes. One site at 1-9 Cardigan Street in Stanmore was a 1079 square metre vacant land block. It sold through Knight Frank’s Anthony Pirrottina for $5.3 million to a private developer.
Another block at 164 Talavera Road in Marsfield, also vacant, was 2119 square metres in size and fetched $4.4 million. Ray White Commercial Western Sydney handled the auction for the government.
Carolyn Cummins can be contacted on carokynannecummins@gmail.com.
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