‘The decade’s most exciting development opportunity’: Potts Point site has $100m price guide
A Potts Point site that’s hit the market with a $100 million price guide is being billed as the decade’s most exciting development opportunity.
And there’s little doubt that a luxury apartment block targeting downsizers will soon rise on the 2170 sqm block occupying 87-93 Macleay St and 10-12 Hughes St.
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“It’s mixed use, so it’s pretty flexible, but I would imagine best use would be luxury residential like Pomeroy, Dorchester, Villard, and 10 Wylde Street,” Michael Khouri of JLL told the Wentworth Courier.
“I think a new luxury apartment development there will be very well received because a lot of downsizers are looking for an apartment in Potts Point.
“There’s a lot of demand but not a lot of supply.
“We’re thinking it’s going to attract a lot of attention nationally and internationally because of its proximity to the city and position in the east.”
The site, with 50m frontage to Macleay St, was launched to the market only yesterday in an expressions of interest campaign.
Already Mr Khouri, who shares the listing with colleague Ben Hunter and Richardson and Wrench agent Jason Boon, is taking calls from several interested developers.
Mr Boon says: “It’s an amazing site, one of the last great positions in Potts Point. North-west facing, right on Macleay St with all amenities.
“You’ve just got to look at the success of Ikon — that building is a great example of the potential.”
That Mirvac building, at 81 Macleay St, won an industry award for urban renewal in 2004, having been the former Landmark Royal Hotel.
It’s another downsizer favourite, with RODE Microphones owner Peter Freedman buying the penthouse last year for $16 million.
There’s no chance of another Ikon style high-rise with 185 apartments on this site — building controls allow only a 22 metre or six-storey development.
And it’s likely a developer will opt for larger boutique apartments catering to downsizers’ tastes rather than cramming smaller investor-style units into a new building.
The Hughes St site is currently home to a block of nine units that has one owner and the Macleay St site is currently a white apartment building called Axis that consists of 41 strata units.
Ground-floor retail currently includes Potts Point liquor and deli and the former Opium Den Thai restaurant and a backpackers.
Mr Boon can’t see Potts Point losing its downsizer hotspot status anytime soon. “It’s just so convenient, it’s got that Soho feeling, we’ve got restaurants, coffee shops, they can lockup and leave and go to the airport.
“And it’s not too far to the beach.
“More and more people are coming into the area — it’s completely changed in 10 years.”