Record smashed again with $25.5m sale

PHOTO: 377 New South Head Road, Double Bay

A commercial site owned by the cinema company Greater Union Organisation at 377 New South Head Road sold under the hammer for $25.5m yesterday, which commentators believe is a further sign the suburb is regaining the status it enjoyed in its heyday of the 70s and 80s.

And it was just 10 days after The Intercontinental Hotel Double Bay sold for circa $180m to an apartment developer.

“Double Bay is the most exciting market in Australia currently … a lot of people have a vision of what it should be,” says Matt Pontey of Colliers International, who sold the site with national director Miron Solomons and co-agent Grant Whiteman of Ray White Commercial.