Sydney, 14 April 2015 – CBRE has been appointed to sell a rare city fringe re-development site in one of Sydney’s most desirable suburbs, Surry Hills.
The 620sqm* corner site, located at 432-442 Elizabeth Street, boasts a high profile position close to transportation hub, popular amenities including restaurants and retailers, and the CBD. The large level site combining two titles benefits from favorable planning controls encouraging re-development, including a B4 Mixed Use Zoning.
A proposed scheme for the ‘mixed use’ re-development could include the construction of a six storey building accommodating two retail/ commercial units on the ground floor, 30 apartments on the upper floors and a private urban pocket park.
CBRE’s Gemma Isgro and Anthony Bray are selling the property on behalf of vendor, who has owned the site for over two decades.
The property will be sold via a public Auction on the 5th May 2015.
Ms Isgro said the site’s strategic position benefited from consistent interest from local, national and offshore developers and offered an opportunity to gain a foothold in the tightly held Surry Hills market.
“The sale of 432-442 Elizabeth Street is unique in this area, with no competing development stock available. Development opportunities of this scale and location are highly sought after from residential developers which should make this sale extremely competitive,” Ms Isgro said.
Recent residential developments in the area, such as the Foveaux Street development at 81 Foveaux Street, have demonstrated the extraordinary level of interest for residential properties in Surry Hills, with 3150 buyers registering for the 53 apartments.
“With the Elizabeth Street site we can confidently project to developers the achievable gross realisation and demand for end product,” Ms Isgro said.
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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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.
