Located at 11-13 Greenknowe Avenue, the property is situated a short stroll to Macleay Street in Potts Point, an area seen by many as one of the best locales in Sydney.

Successfully sold in 2014 after a highly successful EOI campaign managed by Ray White and CBRE, the same agents have been appointed to sell the development site again via expressions of interest five years later.
 
Ray White Commercial NSW Managing Director and Partner Jeff Moxham said he expected there to be a great interest in the ever-popular Elizabeth Bay asset.

At a glance:

• Development site for sale in Elizabeth Bay in Sydney expected to sell for more than $30 million
• The site expected to be used to build apartment building suitable for downsizers
• The property is located in Greenknowe Avenue, a short stroll from Potts Point

“With strong capital growth over the last five years in Elizabeth Bay and strong demand for Eastern Suburbs development sites, our clients have decided to capitalise on the situation and sell this remarkable development site,” Moxham said. 
 
“As one of the top 10 best performing suburbs in New South Wales, apartments in the area experienced 13.7 per cent growth in June 2019.”

Ray White Double Bay Founder – Sales Executive Craig Pontey said developers were competing for the highest quality sites in Sydney, given that the market for property in secondary locations had its challenges over the past year.

“This one is quality,” he said.

“The market is really strong for development sites in Lower North Shore and the Eastern suburbs because they represent areas of far lower risk to developers.”
 
Peter Krieg and Ben Stewart of CBRE said Greenknowe Avenue itself was just a short stroll to Macleay Street in Potts Point.
 
“In recent years, areas like Potts Point and Elizabeth Bay have become lifestyle destinations with high-quality amenities and residential development,” Mr Krieg said.

Mr Stewart said he expected that the development would be ideally designed for the downsizer with larger units making it an opportunity that many developers will see as too good to resist. 

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