The property is located in the heart of the Sydney central business district, a rare free standing asset offering a unique opportunity to develop the property into a boutique mixed use development.
Being bounded by York, King, George and Market Streets, the property is located 350m* from Wynyard train station and 500m* to Town Hall train station.
The site is rectangular in form; orientated East-West, with a single frontage to York Street. The Property’s current use is a 5 storey commercial building with retail space on the ground floor.
Key development highlights include:
• Affordable entry point to own a freestanding building in the Sydney CBD.
• Underutilised asset with development upside and current existing income.
• Proposed development scheme consisting of 16 storey mixed use development incorporating retail, commercial and residential accommodation.
• Centrally located within close proximity to amenities including public transport, lifestyle centres, outdoor areas and shopping.
The successful campaign and process proved yet again how capitalising on the element of competition via a targeted marketing campaign and carefully controlled process can produce results far beyond expectations.
A development proposal had been prepared for a 16 storey mixed use development incorporating 2 floors of retail, 5 floors of commercial offices and 9 floors of residential accommodation (1 residence per floor).
|Zoning:||B8 – Metropolitan Centre|
|Height Limit:||60 metres|
|Floor Space Ratio:||11:1|
|Raw or Subject to DA:||Raw|
|Gross Income (per annum):||$238,000*|
|Sale Date:||July 2015|
|Sale Type:||Expressions of Interest|