The current paper presents the design and energy performance analysis of a propane-based reversible Dual Source/Sink Heat Pump (DSHP). DSHPs offer an alternative to conventional water to water and air to water heat pumps, leveraging the strengths of both technologies in an efficient manner. The developed prototype incorporates an innovative Dual Source/Sink Heat eXchanger (DSHX), enabling the unit operating in various modes, including space heating, space cooling, and domestic hot water production using brine, air or both simultaneously as a source/sink. The DSHX serves as as both a condenser or an evaporator, directly rejecting or absorbing heat from air and/or brine. By eliminating secondary loops and defrost cycles, the DSHX minimizes energy losses. The main novelty of this work lies in the DSHX that integrates external units typically duplicated in DSHPs into a single component, eliminating the need for split refrigerant flow rates, thus avoiding maldistribution, refrigerant charge increase and draining valves. A steady state experimental campaign was conducted in a climatic chamber to characterize the DSHP prototype and validate the DSHX performance models. Heating capacity up to 11.2 kW and COP values up to 4.7 were achieved at nominal compressor speed by supplying hot water at 35 °C with an ambient temperature of 7 °C. Similarly, when producing cold water at 7 °C, cooling capacity and EER reached 9.8 kW and 3.6, respectively, at nominal compressor speed using air as heat sink at 35 °C. The effects of various operating parameters on the overall coefficient of performance and heat duty in both heating and cooling modes, considering air or brine as heat source/sink are analyzed in detail. Results demonstrate enhancements of approximately 15 % in capacity and efficiency compared to earlier work. Moreover, four deterministic models were created in order to predict the behaviour of the DSHX and validated against experimental results, reaching deviation values below 15 %. The authors would like to thank the support of the TRI-HP project (https://www.tri-hp.eu/project) funded by the European Union's Horizon 2020 research and innovation programme, Project No. 814888.