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RetailWed 29 May 19

Inner City Property Portfolio Hits the Market

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Sydney’s tightly held fringe market will see a portfolio comprising four assets located in the downtown precinct hit the block amid a solid commercial market.

The inner city portfolio, located in Chippendale, Darlinghurst and Ultimo, has a potential fully-leased income of circa $10 million.

Savills Australia's Tom Tuxworth, David Hickey, Jordan Lee and Nick Lower are marketing the portfolio, and expect each asset “will appeal greatly to the value-add development fraternity”.

“The market is typified by rising rents with A-grade office now achieving up to $850/sq m net, paired with historically low vacancy rates we have seen commercial net yields compress to sub 4 per cent over the past 12 months,” Tuxworth said.

“Despite some previous stigmas, the city fringe has established itself as one of Sydney’s fastest growing markets for high-rise developments and has seen extraordinary year on year rental and capital growth.”

Related: ‘It’s Time for Sydney to Become a 24-Hour City’: Council

▲Top: 8-14 Broadway Chippendale. L: 114 Darlinghurst Road Darlinghurst. R: 55-59 Regent St Chippendale. Lead: 137-145 Broadway Ultimo.


Sydney’s city fringe has traditionally been a home for local investment groups, Tuxworth said.

“However, more recently has seen a strong following from buyers out of South East Asia and different parts of the Middle East and China.”

The tightly-held market has only had two commercial assets over $15 million trade to date in 2019.

Infrastructure development over the past three years has seen the area host an increase of small-to-mid-size developers looking to capitalise on demographic and economic drivers.

“Recent projects, like Frasers Central Park has brought a new found retail activation and an abundance of amenity to the surrounding area.”

The portfolio is offered for sale in one line, any combination or individually and is being marketed via an international expressions of interest closing 11 July.

RetailOfficeInfrastructureAustraliado not useReal EstateProject
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Article originally posted at: https://www.theurbandeveloper.com/articles/120m-of-inner-sydney-property-hits-market