The 455sqm site at 750 George Street was purchased by a Hong Kong based manufacturer in 2014, with value since added through the obtainment of the development approval.
CBRE’s Mr Heaton said the development site’s positioning within Sydney’s CBD suggests rents for both retail and hotel tenants will achieve premium rates.
“The wealth of amenity surrounding the building will be enhanced over the coming years with the competition of over $18 billion of government infrastructure,” Mr Heaton said.
“Located just 250 metres north of Central Station, the development site will benefit from improved connectivity through the Sydney Metro and Sydney Light Rail – with the Haymarket Light Rail stop conveniently located on the doorstep of 750 George Street. These significant transport upgrades will positively transform the immediate vicinity.”
Situated in a tourism hotspot, the property is positioned within approximately 300 metres of Chinatown, Paddy’s Market, University of Technology Sydney, the new Darling Square precinct and World Square Shopping Centre.
Knight Frank’s Mr Bowie Wilson noted that the development site offered investors an opportunity to benefit from the 7.3 per cent annual rise in Australian tourist arrivals experienced over the past five years, with Chinese tourism arrivals growing 14.5% per annum over the same period.
“Asian tourism has underpinned the performance of Australia’s tourism industry, as the average Asian tourist spends more and stays longer than other nationalities and tends not to travel unaccompanied, with further growth forecasted due to the expanding Asian middle class,” Mr Bowie Wilson said.
“This is expected to drive a high level of interest in the site from local and offshore hotel and accommodation operators.”
750 George Street is being offered by expressions of interest closing on Wednesday, August 7, 2019.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.