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Prices soar in Sydney CBD’s south

Property Markets / Planning, Zoning, Infrastructure

Australia / Sydney

Sep 05 2018

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Record prices are being achieved for commercial property in the southern end of the Sydney CBD, with more than $78million worth of assets sold in recent months.

Haymarket and surrounding suburbs are making a comeback on the back of new infrastructure and development, with recent changes to planning controls attracting a new wave of buyers.

Executive for Metropolitan & Regional Sales at Savills Australia, David Hickey, said the Sydney CBD’s southern corridor was becoming one of the city’s “most dynamic locations”.

His observations follow the sales of 410 Pitt Street for $22.5million, 810-812A George Street ($14.65million) and 94 Hay Street ($16.3million) in Haymarket, and 332 Kent Street ($25million) in Sydney CBD.

“Haymarket is known for its proximity to the southern end of the CBD and all the amenities that it has to offer, including major colleges and universities, Chinatown and Central Station,” Mr Hickey said.

“The recent changes in planning controls give incoming purchasers and developers a substantial opportunity to maximise the uplift and achieve greater density in new projects, providing they can amalgamate adjoining properties.”

Mr Hickey and colleagues Tom and Nick Tuxworth will welcome another Haymarket property, 8 Cunningham Street, to market next week, with expectations of circa $5million.

The three-level freehold in the heart of Chinatown’s tightly held retail trade precinct is anticipated to draw interest from investors, owner-occupiers and developers.

“This property is a genuine blank canvas in a prime inner-city location,” Mr Hickey said.

“With 434sqm of internal area, it allows for a variety of future configurations and uses, including multi-level office space, hospitality, retail or student accommodation, subject to council approval.”

Mr Hickey said residential buyers were also expected to express interest in the property for its central location and warehouse conversion potential.

“The residential market in Sydney has slowed considerably across the metro area but the city and fringe suburbs have remained extremely strong,” he said.

“Living in the Chinatown precinct, you could enjoy premium lifestyle amenities, surrounded by endless options for shopping and dining out, 24 hours a day, seven days a week.”

8 Cunningham Street is within close proximity of a variety of public transport options, including Central Station, several bus routes and the George Street zone of Sydney Light Rail.

There is secure off-street parking for one car.

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