Developer Pounces on Sites in Affluent Sydney Suburb
- Aug 31, 2015
Sydney, Australia—A Melbourne developer is aggressively expanding its operations in Sydney, following the company’s third acquisition in less than a year. Golden Age Group purchased two neighboring sites in Double Bay for around $18 million in an off-market deal from an undisclosed private vendor.
Located at 315-317 and 321 New South Head Road, the development site offers proximity to the Double Bay waterside and the Edgecliff Train Station. The two sites total 0.5 acres of land, one of the last development opportunities in the area. Known for its affluence, the Double Bay suburb presents demand for the upscale multifamily segment. Golden Age Group Managing Director Jeff Xu points out that the acquisition “supports our drive to continue to expand our national footprint by targeting the best inner city locations that support high quality residential development.”
The two residential buildings that currently occupy the sites will most likely be replaced by a luxury boutique development. Golden Age maintains an active development slate in Sydney while also lining up other ventures in Melbourne. The developer recently unveiled the Opèra at 450 St Kilda Road and Collins House at 466 Collins St., two upscale communities in its hometown.