Level 14, 447 Kent Street, Sydney

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447 Kent Street is situated on the Western side of Kent Street between Market and Druitt streets close to Town Hall Station, Queen Victoria Building and Cockle Bay with natural light from multiple sides including views to Darling Harbour.

Level 14, 447 Kent Street was 604sqm on one title and offered seven office suites of 57sqm – 91qm respectively. This strata lot plus three basement car parking spaces were owned by a long term private investor and offered For Sale in conjunction with Henderson & Horning.

In order to maximise the end value, it was determined each office suite be sold separately. There was then the requirement to formally strata subdivide Level 14 from one strata lot into seven individual strata lots.

The application process & subsequent registration of the strata subdivision took approximately 3 months.

In the interim, we commenced a digital marketing campaign by private treaty subject to registration of the strata subdivision. Elite advertising across multiple industry websites was arranged with professional photography and floor plans in addition to advertising across various Ray White Commercial platforms.

Contiguous areas of upto 250sqm (approx.) were also available with vacant possession.

Lot 88 – Lot 90 (83sqm, 91sqm & 57sqm): refurbished after tenant, National Institute of Accountants vacated
Lot 91 (64sqm): leased to real estate firm until May 2017
Lot 92 (65sqm): expired lease to marketing firm
Lot 93 (78sqm): leased to recruitment firm until February 2016
Lot 94 (87sqm): vacant with existing fit out in situ

The sales process from being appointed to exchange of the final suite was seven months with one car space remaining for sale.

Combined sales for Level 14, 447 Kent Street were $3,281,600, over 15% higher than any other whole floor previously sold there and reflected rates of $5,900psm – $6,450psm per lot. Basement car spaces also sold for $80,000 each.

Purchasers were a mix of eventual owner occupiers from legal, accounting, migration, recruitment and cosmetic professions located reasonably close to Town Hall including The Face Shop and Downeys Lawyers.

Sales Analysis*
Vendor:Private
Area:604m²* plus 3 car spaces
Sale Method:Private Treaty
Marketing Budget:$8,676 including GST
Sale Price:$3,281,600 for seven lots

$80,000 per car space

 

*approx