Double Bay’s new $1b village to replace InterContinental
The InterContinental Double Bay hotel is set to be replaced with a $1 billion lifestyle precinct that its owners believe will be the “final piece of the puzzle” that transforms one of Sydney’s most salubrious suburbs into a global destination.
Its owners, property figures Allen Linz, Eduard Litver and Mervyn Basserabie, are submitting the project’s development application to Woollahra Council on Thursday. The proposed development has been considerably upsized from the original $700 million project.
The existing hotel will be almost completely removed, with a demolition leaving just the basement carpark floors and surrounding trees.
In its place will emerge what its developers have termed a new village, to be called 33 Cross Street. And it will have everything a Double Bay resident could ask for: from wellness centres to dining precincts, well-known fashion outlets and 29 luxury apartments that will have a price tag of $30 million apiece to boot.
A 40-room boutique hotel, gym, spas, saunas offices and a cinema are also part of the plan.
Mr Litver is confident there will be enough luxury and lifestyle appeal packed into the old InterContinental site that the precinct will rival similar international efforts in London, New York and Los Angeles.
“This is Double Bay’s moment – a chance for this site to redefine how people experience this iconic waterfront neighbourhood for years to come,” he said.
“It’s an area that is completely incomparable to anything else in Australia. I’ve been challenging people to show me another village surrounded by parklands and the harbour, connected to the city and the airport while having the wealthiest demographics in the country. I think it’s very difficult to even find globally.”
Facing the wrecking ball is the 140-room InterContinental hotel, which has welcomed a star-studded roll-call of visitors through the years including Princess Diana, David Bowie and Sir Elton John.
Mr Litver and Mr Linz, along with developer Mervyn Basserabie, acquired the site in March for $215 million. It is the largest privately held site in Double Bay.
The ambitious project slated for the InterContinental site is the latest in a series of high-profile arrivals in the harbourside suburb. Some of hospitality’s biggest names are already in the neighbourhood including Neil Perry, who has opened a string of fine-dining restaurants in the area, including Margaret and Songbird.
Double Bay has also attracted several luxury apartment projects as developers tap into rising demand. Just down the road from the InterContinental Double Bay site, Hong Kong developer Top Spring is building a luxury apartment complex where penthouses will cost more than $20 million apiece.
According to CBRE, prices for newer apartments could jump by more than 20 per cent by the end of 2026 as interest rates fall and supply dwindles.
Mr Linz is confident the luxury apartments proposed for the site will become some of highly sought after, with people already requesting to be on the “so-called list to buy”, he said.
Despite the strong demand, he said the precinct would only have 29 apartments to allow for more non-residential space, open to the public.
“Half of this development is going to be non-residential because we’re trying to create a true precinct. In so doing, we’re adding elements there that will really benefit the community,” he said.
