GENERAL PROPERTY

$100m plus expected for Potts Point site

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FOUR adjacent residential and commercial sites in exclusive Potts Point have been listed for sale as a single development opportunity, with expectations of more than $100 million.

JLL is marketing 87-93 Macleay St and 10-12 Hughes St via expressions of interest alongside Jason Boon, of Richardson & Wrench Elizabeth Bay/Potts Point.

The agency was initially appointed in June to sell two apartment buildings at 91-93 Macleay St and 10-12 Hughes St and on a total land area of 1,242 sqm, and the two adjoining properties, 87 and 89 Macleay St, have since been added to the offering. The combined site area is 2,170 sqm.

The agents said this is likely to be the last significant land offering on exclusive Macleay St and is the first time an opportunity this substantial has been offered to the market since the 2005 launch of Pomeroy, where an apartment on the first floor sold last year for $10.050 million.

Development on the site has a permissible gross floor area of 7,153 sqm.

Known as AXUS Potts Point, the 939.6 sqm five-storey building at 91-93 Macleay St has 34 apartments and seven retail spaces and is zoned B4 – mixed use, and the 302.8 sqm three-storey brick building at Hughes St has nine apartments and is zoned R1 – general residential. They were joined by two double-storey adjoining buildings at 87 and 89 Macleay St, which includes two ground floor retail tenancies, backpacker accommodation and residential units.

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