A Surry Hills shopping centre has just been sold for $96 million to a Chinese property investor, with more than 200 enquiries for the sought after site.
Located at 2-40 Baptist Street and 397-399 Cleveland Street, Redfern, the 1.16 hectare site received 11 formal offers with the final sale contract having a 100-day settlement, short by industry standards.
The mall was bought by a family holding company called Ogen Nominees almost 30 years ago for $6.3 million and sold to a Chinese investor who hopes to build a mixed-use development, subject to council approval.
Ray White's Scott Timbrell said the buyer had negotiated one of the last sites for major development opportunities in the inner city.
"The site offers approximately $4.3 million a year in gross passing income from a number of existing tenancies, but the potential for mixed use development is by far the higher and greatest use," he said.
The site is anchored by Coles supermarket, who currently have the first right of refusal on the sale, according to Mr. Moxham.
"In addition to Coles, the Surry Hills shopping Village includes a number of popular retail stores including Liquorland, Australia Post and Flight Centre and has been a landmark for the area for the last 30 or so years," he said.
According to Mr. Moxham the site is currently underdeveloped, "offering a total land size of approximately 12,322sqm the sale represents one of the largest inner site sales transacted in recent times. It provides for huge opportunity to service the University of Technology and the University of Sydney's student population," he said.
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