Sydney, 30 May 2016– Surry Hills continues to be one of Sydney’s most in-demand suburbs for niche development opportunities, with the area continuously setting market precedents for real estate.
Following this trend, CBRE’s Gemma Isgro and Michael Khouri have been appointed to sell a Surry Hills mixed-use terrace – with prices expected upwards of $2m.
Located at 497 Elizabeth Street, the two level terrace sits upon a 99sqm site on a prominent corner location. The site benefits from significant development upside and strategic location along Sydney’s new light rail route and within 450 metres of Central Station.
Ms Isgro said Surry Hills mixed-use properties in the sub $5 million price bracket consistently receive strong interest from a broad range of buyer groups, including owner occupiers, investors and developers.
“Buyers are eager to acquire land in risk adverse suburbs, such as Surry Hills, which are close to the Sydney CBD. This suburb has proven to remain stable during times of economic uncertainty, giving buyers confidence to build, invest or occupy in the area.”
CBRE have negotiated some of the most significant sales in Surry Hills of the past 18 months, setting a precedent of $450,000/unit site at 249 Devonshire Street, Surry Hills.
The site will be sold via an on-site auction on Saturday, June 18 at 10.00am.
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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 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.