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Rezoning could fetch an extra $50 million for Crows Nest sites

Property Markets / Planning, Zoning, Infrastructure

Australia / Sydney

Mar 16 2018

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Two strata office buildings near the future Crows Nest metro station in Sydney’s lower north shore could fetch up to $150 million, with the properties’ owners actively seeking buyers. 

Under current zoning, the sites are worth around $100, but if high-density rezoning takes place, the 4350 square metre combined site will increase its value. 

The majority of the owners of 270-272 Pacific Highway, 77 Sinclair Street and 2 Bruce Street have engaged Knight Frank and CBRE off-market to gauge interest.

The announcement of the future metro station has already increased the sites’ valuation by 30 per cent, with each valued at an estimated $70 million individually, earning a combined gross annual income of $2 million. 

 

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