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First-in-a-century opportunity in Sydney's Chinatown sells for $19.9m

Property Markets / Transactions

Australia

Mar 14 2017

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15 March 2017, Sydney – A three-level commercial building located at 82-84 Dixon Street, Haymarket, right in the heart of Sydney’s tightly held Chinatown precinct, has sold at a highly competitive public auction for $19.9 million. The coveted property received strong interest from investors due to its rental growth and redevelopment opportunities.

Knight Frank’s Head of Asian Markets, Australia Dominic Ong and Director, Asian Markets Andy Hu exclusively managed the sale of the property on behalf of a private entity.

According to Mr Ong, the premium location of the Dixon Street property, as well as its redevelopment potential, made it a highly attractive opportunity for investors.

“There were over a hundred people at the auction this morning, with multiple competing bidders. Chinatown is a tightly-held area and opportunities like this don’t come along very often. The last standalone property to sell on Dixon Street, Pedestrian Lane, was some 30 years ago, and this property has been with the same family for about 100 years.

“82-84 Dixon Street has enormous potential and is significantly underdeveloped,” said Mr Ong.

With 100% freehold interest, the three-level property comprises 342sqm land size and 14 metre prime Dixon street frontage – a total of 983sqm lettable space – in one of Sydney’s internationally-renowned tourist destinations. The ground floor provides retail spaces, while the upper levels offer either retail or residential space. Current tenants include Hingara Chinese Restaurant and Live Crafts Centre.

Positioned at the centre of Chinatown’s bustling entertainment precinct, 82-84 Dixon Street offers a unique opportunity to own a landmark slice of the action, surrounded by eateries, bars and theatres. In the immediate vicinity, the NSW Government has committed over $3.4 billion to building new infrastructure and transport hubs, including Darling Harbour Live – a new precinct in Darling Harbour, incorporating the new International Conference Centre; Darling Square – a new residential and creative city neighbourhood; Town Hall Metro Line and the new light rail.

82-84 Dixon Street is zoned in B8-Metropolitan Centre under the Sydney LEP 2012. It is not listed as an item of heritage significance.

 

About Knight Frank

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 13,000 people operating from over 400 offices across 58 countries. These figures include Newmark Grubb Knight Frank in the Americas, and Douglas Elliman Fine Homes in the USA. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.com.

SOURCE: Press Release

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