Sydney, 17 September 2014 – A private Chinese group has outbid six other prospective purchasers to buy an under-developed site in Surry Hills.
CBRE’s Anthony Bray and Gemma Isgro negotiated the auction sale of the 70 Mary Street property for $2.52 million - $520,000 above the reserve price.
Mr Bray said seven bidders were in the room, with 64 bids recorded.
“The sale had re-written the square metre rate for mixed use development sites in Surry Hills,” Mr Bray said.
“Based on the site area, the sale represents a value of $18,975 per square metre, which reflects the property’s development potential.”
It was the first time the property - presently a two-storey, mixed use terrace - had been offered for sale in 80 years.
The ground floor is presently occupied on a monthly, expired tenancy while the second level office is vacant.
Mr Bray said the purchaser was planning to redevelop the site into a mixed use retail / residential complex. The potential height limit for the site is 22 metres, subject to council planning approvals.
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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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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 atwww.cbre.com.au.