Landmark Elizabeth Bay site hits the market for $30M+

A LANDMARK property with historic ties at Elizabeth Bay in Sydney’s inner-east has hit the market with a $30,000,000+ price guide.

The site at 11-13 Greenknowe Avenue was successfully sold in 2014 after a highly successful EOI campaign managed by Ray White and CBRE – and the same agents have been appointed to sell the development site again via expressions of interest – five years later.

Ray White Commercial NSW Managing Director and Partner Jeff Moxham said he expected there to be a swathe of interest in the ever-popular Elizabeth Bay asset.

“With strong capital growth over the last five years in Elizabeth Bay and strong demand for Eastern Suburbs development sites, our clients have decided to capitalise on the situation and sell this remarkable development site,” Mr Moxham said.

“As one of the top 10 best performing suburbs in New South Wales, apartments in the area experienced 13.7 per cent growth in June 2019.”

“The market for property in secondary locations had its challenges over the past year and now we’re seeing developers competing for the highest quality sites – and this one’s quality,” said Ray White Double Bay Founder – Sales Executive Craig Pontey.

“The market is really strong for development sites in Lower North Shore and the Eastern suburbs because they represent areas of far lower risk to developers.”

Peter Krieg and Ben Stewart of CBRE said Greenknowe Avenue itself was just a short stroll to Macleay Street in Potts Point, an area seen by many as one of the best spots in Sydney.

“In recent years, areas like Potts Point and Elizabeth Bay have become lifestyle destinations with high-quality amenities and residential development” Mr Krieg said.

“The development will be ideally designed for the downsizer with larger units and it’s an opportunity that many developers will see as too good to pass up on,” Mr Stewart said.