Double Bay Retail Revival

Colliers International

Media Release

For Immediate Release

12 May 2006, Sydney – Double Bay’s first major commercial and retail redevelopment in the last eight years is set to hit the market in the next week, and if the off market interest and negotiations underway are any indication, Sydney’s answer to Rodeo Drive is still alive and well.

While the Woolworths/Solotel development has fallen over, the new boutique redevelopment is already generating high interest thanks to its position on Double Bay’s most prominent location, the corner of New South Head Rd and Knox St, site of the old Westpac building.

Double Bay has had an enviable reputation as Sydney’s premium retail precinct, boosted by the high net worth of surrounding residents.  While there has been some recent speculation about the area’s retail future, property entrepreneurs Joshua and Lesli Berger from Fivex Commercial Property, believe in the strong fundamentals underlying Double Bay.

Retail Leasing agent Stephen Bowrey from Colliers International is handling negotiations for the mixed retail and commercial complex with Joshua Watts.

“There has been significant enquiry off market and we are already talking to a number of parties,” said Mr Bowrey.

“Some very successful retail businesses have opened recently in Double Bay and the area is going through a revitalisation period that has caused pain for some of the older style retailers, but provided fantastic opportunities for new operators to gain a foothold in the lucrative Double Bay market.” Said Mr Bowrey

“Based on the level of interest in this project, media reports predicting the ‘death of double bay’ have been premature” said Mr Bowrey.

He said Colliers were already in discussions with prominent national and international brands for the retail space and a major institutional organisation was seriously considering the upper floor commercial space.

In addition to being a brand new product in a prominent position, the building holds the added attraction of being the eastern suburbs’ first “green” commercial building.

Lesli Berger said the green features were a key requirement when he set the design brief for the project.

“We are aiming for a 5 Green Star rating which is not available in any other commercial or retail premises in the local area, and will be the first boutique multi-tenanted commercial building to aim for such a high environmental rating” said Mr Lesli Berger.

“Combined with a high impact stylish design, we will set the benchmark for future commercial buildings in the area.”

The complex was designed by award winning architects Eeles Trelease, who designed the accommodation for the athletes at the Sydney Olympics.