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Landmark green urban development poised for Mascot

Property Markets / Technology

Australia

Jun 06 2017

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June 6, 2017, Sydney – The take up of Sydney CBD and quality suburban office buildings has been extremely strong during the last few years and the number of quality approved sites has reduced dramatically. The conversion of commercial to residential schemes has put greater pressure on suburban office proposals and the evolving scarcity of employment land is a major issue for greater Sydney.

Opportunities to locate to high quality near city locations is now very limited. Properties that can offer large floor plates, superior working environments, including highly planned sustainability and are extremely accessible to public and private transportation modes, are in high demand. 

The development approved site located at Chalmers Crescent, Mascot provides one of the largest and most exciting urban business park opportunities in greater Sydney and is set to hit the market through Matthew Dunn and Tim Grosmann of Savills. The site has been assembled over the last 30 years and is now poised to be a landmark development. 

Located across a 12,602sqm site comprising 7, 9, 14, 16, 18-21 Chalmers Crescent, Mascot, the development is a rare offering with approval for almost 34,000sqm of net lettable area with excellent proximity to Sydney Airport, Mascot Train Station (300m) and is approx. 650m to the proposed WestConnex St Peters Interchange and approximately 5.5km from the Sydney CBD.

The approved scheme for commercial offices with 37,805sqm Gross Floor Area (GFA) across four office towers which will rise 44 metres above Chalmers Crescent with extensive views in all directions.

The approved towers are set on top of a landscaped podium with lobby access and service retail to each tower with car spaces for 473 cars. “Green” roof tops allow for the recycling of grey water which will support superior environmental credentials of the completed development.

The South Sydney precinct has undergone major gentrification and urbanisation, and has become a new residential and commercial hub activated by a variety of retail and associated amenity.

According to Matthew Dunn, Director of Capital Transactions at Savills Australia, “The urban renewal of Mascot and Green Square together with Alexandria and St Peters has created a major workforce within close proximity, with the area further poised for strong growth. 

“Recent transactions of commercial assets in the immediate Mascot precinct have totalled close to half a billion and have been purchased on investment yields from low 5% to low 6% reflecting the strong demand for quality investment assets in the area.” he continued.

According to Tim Grosmann, Director of Capital Transactions at Savills Australia,  “The South Sydney area and Mascot especially, has become an important office market, particularly for those in the logistics and transport sectors, due to its close proximity to the Sydney CBD, Sydney Airport, Port Botany and key rail and road corridors.” 

“Rarely does a DA approved site of this size and location reach the market and we expect interest from developers looking to capitalise on strong leasing fundamentals, excellent access to transport, ability to proceed with a staged development and to acquire an immediate development pipeline” he continued.

Retail amenity is nearby the site with Woolworths and 17 specialty shops at Mascot Central retail precinct and major retailers such as Bunnings IKEA, Officeworks, Bing Lee, all within a five min drive.

7, 9, 14, 16, 18-21 Chalmers Crescent, Mascot, is for sale exclusively through Savills via an Expression of Interest campaign closing 5pm AEDT Wednesday 21 June 2017

 

About Savills

Savills is a global real estate services provider listed on the London Stock Exchange. Savills operates from over 700 corporate and associate offices, employing more than 30,000 people in over 60 countries throughout the Americas, the UK, Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world. www.savills.com.au or www.savills.com. 

Follow @SavillsAus for the latest Australian and global real estate news and research.

 

SOURCE: Press Release

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