AFL chief pays circa $21m for Double Bay’s Roma Arcade
The deputy chairman of GWS Giants, Adrian Fonseca who bought a $16m trophy home just months ago, has now paid around $21m for a prime slice of retail real estate.
An AFL boss, who bought a $15.6m Bellevue Hill mansion last August, has now paid circa $21m for a Double Bay shopping arcade.
The deputy chairman of GWS Giants, Adrian Fonseca, has pounced on the Roma Arcade at 413-417 New South Head Rd via Tas Costi, co-founder of Costi Cohen commercial buyer’s agency.
And it looks like he’s picked up a bargain — the original price guide when the three-level 1400sqm building on a 640sqm block was originally marketed late last year with CBRE was $25m-$26m.
MORE:
Resort-style home smashes suburb record again
Family that sold $68m backpackers list mansion
The deputy chairman of GWS Giants, Adrian Fonseca, is the buyer. Picture: Ryan Osland
He bought 6a Ginahgulla Rd, Bellevue Hill, last August for $15.58m.
The arcade, which has 20 tenants including the popular Stretchlab stretching studio that pays $70k a year in rent, has been owned by Maroubra GP George Fromberg and Miriam Kanarek for 40 years, records show.
Dr Fromberg was in the news in 2016 as being one of the victims of convicted fraudster Stephen Larkin, who’d fraudulently claimed the GP owed him $60k in consultancy fees.
RELATED:
GWS Deputy Chairman pays $15.58m
Indian-born Fonseca, who grew up in Meadowbank and Carlingford in Sydney’s west,
bought 6A Ginahgulla Rd for $15.58m — $4m over the price guide — last August. He already owned the house next door, bought for $14.4m in 2018.
He paid $4m above the price guide for the Ginahgulla Rd home.
It has harbour views.
Fonseca runs the multimillion-dollar early education group Oxanda Education, having previously been an investment banker for 17 years at Macquarie Bank and Deutsche Bank.
It’s understood he intends to hold the Roma Arcade building as it is for the time being and re-develop it in the future.
The property currently provides nearly $510,000 gross income per annum over the 20 tenancies.
The commercial freehold building backs onto the Kiaora Laneway retail precint anchored by Woolworths.
The sales agents were Demi Carigliano, Anthony Pirrottina and James Masselos of Knight Frank, who locked in the deal off-market.
MORE: Australia’s next $100m home for sale
