A Double Bay six-level development site with DA approval for 34 luxury apartments and ground floor retail has been sold for $55 million.
The site located at 20-26 Cross Street, owned by the affluent Roche family has been purchased by a local private development group who have beaten other interested parties including high-end development group Toga.
Toga is understood to have offered about $41 million for the site. Others offered between $40 million to $43 million.
The site is of interest to Toga because it is developing the adjacent site at 16-18 Cross Street into a 13-unit project called The Hunter. Both sites are opposite one of Syndey's best most exclsuive hotels InterContinentals.
This is not the first time Toga has bid for a Roche family site. In 2014, Toga bought the former headquarters of the Roche's Nutrimetics cosmetics business, a waterfront industrial site in Sydney's Balmain for $58 million; 100 Elliott Street has the potential to yield 121 apartments.
The site was sold by CBRE's Peter Krieg and Ben Wicks sold the site but have declined to comment.