Eastern suburbs moguls call time on north shore

3 months ago 28

Capital Gain

The high-profile eastern suburbs property identities Allen Linz and Eduard Litver have called time on their foray into Sydney’s north shore, placing their site next to Neutral Bay ferry wharf on the market.

The duo’s Capitel Group acquired the 421-square-metre site best known for housing the Thelma & Louise cafe during the COVID-19 pandemic.

Neutral bay wharf project at 1 Hayes Street, Neutral Bay, NSW.

Since then, they have secured approval for a four luxury apartment and three retail suite development (which includes a penthouse with an infinity pool) at the 1 Hayes Street address.

The sale of the Neutral Bay site, with its harbour views and beach access, is expected to fetch around $20 million. The proceeds will be redirected back to Capitel Group’s $1 billion redevelopment of the Double Bay InterContinental Hotel into an upmarket, mixed-use lifestyle and residential complex.

In case you were wondering, the Thelma & Louise cafe (unlike their movie duo namesakes) will live on and remain part of the new development. It has already leased the largest retail space through to 2031.

The marketing of the Neutral Bay site will be handled by CBRE’s Ben Wicks, Colliers’ Tom Appleby, and SRM Residential’s Ben Stewart.

Bowled over

Co-working office operators are using all the tools in the shed to make their spaces more enticing than the traditional vanilla towers.

Render of bowling alley and reception at The Commons, 121 Castlereagh Street, Sydney.

The Commons, co-founded by chief executive Cliff Ho, is the latest to hit the market with the installation of a retro-inspired bowling alley in its newest location, and sixth in Sydney, at 121 Castlereagh Street in the city.

Set to open in September 2025 in the site of the former David Jones building, the office space is 3600 square metres on levels 11 and 12. Designed by DesignOffice, there will also be a mix of private offices, open-plan workspaces, quiet zones and communal areas.

Down the road at One O’Connell Street, The Great Room by Industrious, the flex-space operator recently acquired by CBRE, has just opened a second Sydney location.

The premium-grade, 2356 sq m space spans levels 14 and 15 of the Lendlease-owned tower and offers flexible workspace solutions designed for hybrid teams, start-ups and enterprise clients in a WELL-certified building.

Work Inc has also opened within six conjoined heritage warehouses beneath the Sydney Harbour Bridge in Lavender Bay. Originally built in the 1920s to support bridge construction, the warehouses have housed everything from steel fabrication to highway patrol units. Today, they’ve been transformed into a hub for more than 100 businesses by founder Mark Davidson.

Woodstock reborn

Hospitality giant Solotel is transforming its Carousel Inn in Sydney’s north-west into a new venue named Woodstock. A multimillion-dollar construction is well under way for a complete overhaul and the pub will open in September.

Solotel, founded by hospitality veteran Bruce Solomon which owns and operates venues such as The Golden Sheaf in Double Bay and the Opera Bar at the Sydney Opera House, bought the 21,000 square metre pub which sits on 1.17 hectares in Rooty Hill in late 2021 for about $64 million.

Render of Woodstock pub (formerly the Carousel Inn), NSW.

Elliot Solomon, chief executive of Solotel said the multimillion-dollar rebuild is one of the biggest investments the group has undertaken.

He said the plan was to create a one-stop, thriving, food, beverage and entertainment destination. The redevelopment will also include a new 250-person capacity function and event space, to cater for the booming north-west growth corridor.

At Norwest, the Momento hospitality group has undertaken a $2.5 million transformation of its 1029 sq m warehouse-style space, at the Bella Vista precinct. Known as Bella LIVE it will be a “cutting-edge, high-energy venue” complete with a 17.5-metre bar and a 10-metre by 8-metre stage, flanked by VIP booths.

It is the latest venture from Momento Hospitality, which owns the Oran Park Hotel and The Governor Hotel. The chief executive David Clifton said the new venue will be designed to be flexible enough to host a headline DJ set, stand-up comedy night, major sporting event, or major corporate experience.

Waterloo sale

Private developer Dascol Corporation has paid $22.5 million for a strategic industrial site at 171b Botany Road, Waterloo. The sought-after 2349 sq m property is located within the recently rezoned Botany Road Precinct and offers substantial redevelopment potential with a mixed-use zoning. Colliers agents Michael Crombie, Trent Gallagher and Joseph Lin completed the sale.