Sydney, 24 May 2016 – The Obeid family is moving to capitalise on the ongoing re-gentrification of Ultimo with the sale of a prominent mixed use development opportunity.
The 129-135 Broadway site benefits from an existing income and a high profile location opposite both the Central Park development and the University of Technology (UTS).
CBRE’s Matthew Ramsay and Daniel Dragicevich have been appointed to market the city fringe property, which is expected to appeal to investors, developers, pub operators and restaurateurs.
Situated on the corner of Broadway and Wattle Street, the property is currently fully leased to the Notre Dame University and Essen Restaurant & Beer Café for $396,000 per annum net.
It has a B4 Mixed Use zoning which allows for a wide range of retail, commercial, residential apartment, pub, hotel, student accommodation, childcare, boarding house and motel uses.
“The location, directly opposite UTS and diagonally opposite Fraser Property and Sekisui House's Central Park project, is expected to be a key draw card for potential purchasers,” Mr Ramsay said.
“With three street frontages, the site offers excellent exposure and signage potential in a location that is undergoing a significant transformation. The Central Park precinct alone is projected to accommodate more than 5,000 residents, with the site also situated between Central Train Station and Broadway Shopping Centre.”
Another attraction is expected to be the property’s existing Hotel Licence given the strong interest in pub opportunities on the city fringe.
"This area of the city is becoming increasingly sought after by astute hospitality operators as evidenced by Bruce Solomon and Matt Moran’s recent acquisition of the Australian Hotel site,” Mr Dragicevich said.
“The continued redevelopment of the precinct and the fact that it's located outside of the CBD lockout zone has meant that existing venues are growing rapidly and we expect the ability to establish another hotel offering will be keenly contested.”
The 129-135 Broadway site has a total site area of 488.4sqm.
Expressions of Interest close Thursday 23rd June at 3pm.
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