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Surry Hills attracts investors amid unprecedented demand

Property Markets / Transactions

Australia

Apr 15 2018

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A 9-storey building in Surry Hills has hit the market through Colliers International, as the area experiences an investment boom. 

The site at 529-531 Elizabeth Street, known as East Central and developed by Ash Samadi, is expected to sell for more than $25 million

Another Surry Hills property at 63 Ann Street recently sold to a private investor, likely at the mid $20 million level. 

That sale was managed by JLL's Steven Tsang and SKW Property's Stephen Wan on behalf of Practec Group.

A 2500 sq m building at 29-43 Balfour Street at nearby Chippendale, reportedly sold to Marks Henderson for around $12,000 per sq m.

Mr Solomons, director of investment services at Colliers International, said Surry Hills would directly benefit from the $1 billion walkway and metro station investment at Central Station as well as the $2.1 billion light-rail project.

Surry Hill’s vacancy rate is low and most of the new development are more residential focused, however the suburb is experiencing unprecedented demand for office, residential and hotel accommodation. 

 

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