Sydney, 12 October 2015 – A local developer has acquired an inner city raw development site for $6.11 million, representing a residential site sales record for the area.
CBRE’s Metropolitan Investment Properties team of Gemma Isgro negotiated the sale of 249 Devonshire Street, which is located in the heart of Surry Hills’ dining mecca - surrounded by celebrated eateries including Bourke Street Bakery and The Book Kitchen.
Mr Isgro said the site received strong interest from a range of local, national and offshore developers, indicating the continued buyer confidence in well located development sites in Sydney’s inner city locations.
“The public auction received over 45 bids from eight interested parties, in front of a crowd in excess of 95 people.”
“This result is a great sign for owners of development sites within inner city areas, as developers are demanding these assets and are willing to be aggressive on pricing during the current favorable market conditions,” Ms Isgro said.
The 532sqm site features three street frontages, north-east facing aspect and extensive development potential underpinned by flexible B4 mixed use zoning. The site further benefits from the Sydney light rail development, which upon completion, will travel along Devonshire Street and improve transport links in the area.
Ms Isgro said given the high level of buyer interest in the Surry Hills area recently, and the strength of the residential development market, the property’s private owner occupier had deemed it an ideal time to sell.
“Surry Hills is quickly becoming one of Sydney’s most successful development precincts, but sites are becoming increasingly rare. The ‘Griffiths Teas’ residential project, located on Wentworth Avenue, demonstrates the extraordinary level of interest for residential properties in the area - with the 38 luxury apartments securing an average price of $22,000 per sqm.”
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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 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.