logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Australia
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Investment Management)
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Agribusiness
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Government Real Estate Advisory & Transactions
      • Hotels
      • Industrial & Logistics
      • Office
      • Residential
      • Retail
      • Retirement & Healthcare
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt and Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Accounting & Reporting Solutions
      • Structured Transactions & Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Property Sales
      • Recovery & Restructuring
      • Valuation & Advisory
    • Services for Occupiers
      • Facilities Management
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Sale and Leaseback
      • Structured Transactions & Advisory
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Agribusiness
      Hotels
      Industrial & Logistics
      Institutional Investments
      Metropolitan Investments
      Office
      Residential
      Retail
  • Research & Insight
    • Australia Research
      Asia Pacific Research
      Global Research
      Expert Opinions
      Talking Property Podcast
  • People & Offices
    • Pacific Executive Committee
  • About CBRE
    • [email protected] - LGBTQI+ Inclusion
      Careers
      Case Studies
      Client Tools
      Corporate Information
      Environmental, Social and Governance
      Investor Relations
      Media Centre
      Reconciliation
      The Place Makers

Next

Press Release
Site Sale Could Pave Way for $1 Billion+ Last Mile Estate
  • Home
  • About CBRE
  • Media Centre
  • Sussex Street tower sale to tap residential development demand

Sussex Street tower sale to tap residential development demand

7 February 2016
  • Email
  • Share
  • Tweet
  • Share

Sydney, 08 February 2016  –  A 19-level commercial tower overlooking Darling Harbour and the new Barangaroo precinct has been listed for sale, unlocking an opportunity to undertake a premier residential development in one of Sydney’s most sought after locations.

Comprising 11,742sqm of A-grade office space, 140 Sussex Street is positioned on a 1,642sqm freehold parcel in the tightly held western precinct of the Sydney CBD.

CBRE’s Richard Butler, Josh Cullen, Mark Hansen and Sharon Yang have been appointed to sell the property, which also includes a historic warehouse tenanted by renowned eatery Kingsley’s Steakhouse.

Mr Butler said the property represented an outstanding investment opportunity in an unparalleled location.

“We expect sophisticated developers, both onshore and offshore, private and publically listed, to show strong interest in the site, with a view to unlock its potential with a mixed use or residential development,” Mr Butler said.

“Situated in one of Sydney’s most vibrant and accessible locations, 140 Sussex Street is a truly unique opportunity to acquire a significant footprint with the potential to develop a luxury residential development with sweeping views of the harbour.”

Mr Butler went on to say the property would capitalise on strong investment demand for residential development opportunities in prime CBD locations. The property holds scope to accommodate a high end residential development incorporating up to 208 apartments over 35 levels, subject to council approvals.

“The sale of 71 Macquarie Street and 1 Alfred Street – both in Circular Quay – demonstrate the demand for centrally positioned sites, with investment appetite particularly strong for those sites with redevelopment potential.”

The property benefits from a strategic position in close proximity to the core CBD shopping district, major rail, bus interchanges, cultural facilities and parklands, as well as Sydney’s vast food and beverage offering at the Darling Harbour entertainment precinct.

On the back of a record year, selling more than 3,000 apartments in Sydney during 2015, CBRE’s Residential Projects Executive Director, Justin Brown, said the property’s development potential would be a major selling factor.

“The shift to high-rise apartment living has accelerated, with developers responding to the growing demand from Sydneysiders for vertical villages and super-tall residential towers, most notably for quality residential apartments close to good amenity,” Mr Brown said.  

“The number of Sydney residential towers completed or proposed since 2012 has already been greater than the whole preceding decade, however, a mismatch of supply vs demand continues amid constraints of being able to meet the excessive demand due to the shortage of suitable sites available for redevelopment.”

He added: “Leased to ING Bank until 2017, the timing at 140 Sussex Street is perfect for a developer to capitalise on this mismatch while navigating through council planning.”   

For Australian/international news or global stories, follow us on Twitter.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue).  The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than  400 offices (excluding affiliates) worldwide.  CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.  Please visit our website at www.cbre.com.

 

 

 

 

 

 

 

 

 

Media Contacts

Kathryn House Headshot
Kathryn House
Communications Director
Pacific
+61 2 9333 3585
+61 402 465 440
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • Case Studies
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Australia Privacy Policy
  • Global Web Privacy and Cookie Notice
  • Whistleblower Policy
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • Youtube