A tightly held freehold retail property in the heart of Sydney’s Chinatown, has sold to a Hong Kong based family for $6.7 million through Knight Frank.
Previously owned by Sol Levy Pty Ltd, this is the first time the four level property has been offered to the market in more than 160 years.
Located in one of the busiest sections of George Street, the 489 square metre retail building at 713 George Street, boasts a prominent 6.64 metre frontage on the 272 square metre site, and is the fifth freehold property, (sub $15 million) on George Street to have been publicly offered since 2010.
Exclusive sales agents Andy Hu and Dominic Ong of Knight Frank said properties along George Street are rarely offered to the market, especially in the Chinatown precinct.
“The high volume of pedestrian traffic combined with the tourist attraction of Chinatown ensures continual tenant demand, transpiring to strong rents and rental growth” Mr Hu said.
The property offers future capital growth and building repositioning potential and is favourably zoned allowing for commercial, residential or hotel use to a potential 2,040 square metres (subject to council approval).
Chinatown is world renowned as a popular tourist attraction with a high flow of pedestrian traffic. The precinct has a vibrant day and night life, well known for the Asian influenced eateries, jewellery stores and fashion retailers.
713 George Street is diagonally opposite the proposed “Rawson Place Stop” under the CSELR project which is due to be completed by 2019.
The property is 180 metres from Central Train Station, with access to various public transport facilities including bus, train and light rail.
