Double Bay – Where one Bay isn’t enough.

I’ve lived in Double Bay over the last 7 years and have worked here my whole professional life. (Longer than I’d like to admit).

In that time, lots has changed in the harbour suburb, once known as the Jewel of the Eastern Suburbs. After the opening of Westfield Bondi Junction in 2003, the suburb became more of a Diamond in the rough. Retail shops were empty and the locals started to see classics like Dee Bees and The Cosmo struggle to keep up with high rents and low foot traffic.

In 2014 when lockout laws came into effect in Kings Cross and the CBD, we saw the emergence of Double Bay nightlife. While venues such as Pelicano & Casablanca put Double Bay on the map, not everyone was happy about it. It was around that time that things started to change.

What people started to see and fall in love with was the true Cosmopolitan feeling. With tree lined streets, proximity to the city, pubs, cafes, shopping all moments to parks, and the beautiful Sydney Harbour. It was as if one moment nobody cared about Double Bay, and in an instant, everybody did.

Sites got snapped up, luxury developments started to market, and people started to take notice. Recently, Fortis has turned things up with a vision to transform the harbour suburb into a perfectly curated mix of Rodeo Drive and Paris. When I last counted, there were 14 major developments happening in the Bay. We’ve seen the success of the Fortis HQ (Pallas House) with Neil Perry’s Margaret and Roxy’s struggling to keep up with the demand. Next door, we’re soon to be introduced to Baker Blu and the new Offices of an Investment firm set to take over the whole building on Guilfoyle park.

Further down the Bay, Fortis continue to make their mark with more exciting developments underway including the redevelopment of the Care Carpark on Cross Street. With a new Cinema complex, retail, community space, offices and additional car spaces expected, Fortis sure have a busy few years ahead. Also on Cross Street, the Encore 1788 development brought us a high-class modern Art Deco feel. Before the sales of 1788, Double Bay’s highest apartment sale was $8.9M. These numbers have been well and truly exceeded with the recent record-breaking sale of The Ode Penthouse for $24.95M.

As both a Buyers’ Agent and a Double Bay local, I’m seeing the Jewel of the Eastern Suburbs thrive now more than ever. Buyers are buying everything the suburb has to offer. With a special mention going to downsizers who we’re seeing trade their large family homes in suburbs like Bellevue Hill, Dover Heights and Vaucluse for a piece of the Cosmopolitan action that Double Bay has to offer.

The demand for oversized modern apartments is increasing. I recently bought for a client in the new development at 16 William Street where they combined two of the ground floor apartments to create their dream space, all a level walk to shops.

Ray White Double Bay has doubled down on their local footprint with Elliot Placks announcing their new HQ on the corner of Manning and NSH Road. A stunning design that has already broken ground.

All in all, there is some short time pain for a long-term gain, a turning of the guard if you like as we trade our stilettos for steel capped shoes. While Double Bay will likely resemble a work site for the foreseeable future, I have no doubt that out of the rubble will rise a new era for the harbourside jewel we know and love.

For more information about Double Bay or how we can help you buy the right home for the right price, reach out today.

Tom Penfold

0430 303 349

tomp@cohenhandler.com.au