Woolworths Group has placed a prestigious mixed-use development site in Rose Bay on the market, offering a rare opportunity to acquire a prime Eastern Suburbs property. The site, located at 488-492 Old South Head Road & 30 Albemarle Avenue, is being exclusively marketed by Stonebridge Property Group.
Woolworths’ Rose Bay Site Up for Sale
Stonebridge Property Group has been appointed to manage the sale of this highly sought-after Rose Bay site, currently operating as a Direct to Boot drive-thru facility for Woolworths. Plans for the site include a full-line Woolworths supermarket and 13 luxury residential apartments, offering a combination of retail convenience and premium living in one of Sydney’s most affluent suburbs.
Situated in a high-demand, underserviced retail zone, the proposed development will feature 65 car spaces and five Direct to Boot bays, designed to enhance accessibility and meet modern shopping needs.
Luxury Living Meets Retail Convenience
Designed by PBD Architects, the development (PP-2022-731) will combine residential and commercial spaces in a contemporary setting. The apartment mix includes:
- 2 x two-bedroom apartments
- 10 x three-bedroom apartments
- 1 x four-bedroom apartment
Each residence will include basement parking, catering to the lifestyle expectations of Rose Bay’s high-income demographic. The project’s retail component is expected to fill a gap in the area, as the Woolworths supermarket will be the only full-line store within the Main Trade Area.
A Strategic Investment in a Prime Location
The site is positioned as a rare opportunity due to the limited availability of development-ready land in Rose Bay. With the retail and residential components carefully designed, it presents strong investment potential.
Over the past five years, retail space has remained in short supply in Sydney, increasing the demand for developments that integrate essential services with luxury living. Given that this project will house the only full-line supermarket in the vicinity, it is expected to generate significant interest from both residents and investors.
Approximately one-third of the site’s on-completion value has already been secured through a long-term lease agreement with Woolworths, while the remaining value lies in the high-end residential offering. This combination enhances the site’s appeal as both a stable commercial asset and an exclusive residential opportunity.
Key Development Details
- Address: 488-492 Old South Head Road & 30 Albemarle Avenue, Rose Bay, NSW
- Size: 2,257 sqm* across two titles with MU1 & R2 Zoning
- Proposed Build:
- 2,500 sqm Woolworths supermarket
- 13 premium apartments
- Lease Agreement: 10-year lease to Woolworths with 10 x 5-year options
- Parking: 65 spaces, including five Direct to Boot bays
Expressions of Interest Closing Soon
The Expressions of Interest (EOI) campaign for the Rose Bay development site is set to close at 4 p.m. on Tuesday, 25 March 2025. Potential buyers are encouraged to arrange inspections and seek further details through Stonebridge Property Group, the exclusive selling agents.
Published 20-Feb-2025
