A Surry Hills property has been purchased by a private Chinese group, with plans to redevelop the 132.8 square metre site into a mixed-use retail and residential complex.
The complex could potentially reach a height of 22 metres, subject to council planning approvals.
The site, 70 Mary Street, is currently a two-storey mixed use building situated on a busy corner in Sydney’s CBD.
CBRE’s Anthony Bray and Gemma Isgro negotiated the auction sale for $2.52 million - $520,000 above the reserve price.
“The sale had re-written the square metre rate for mixed use development sites in Surry Hills,” Mr Bray said.
“Based on the site area, the sale represents a value of $18,975 per square metre, which reflects the property’s development potential.”
According to Mr Bray, seven bidders attended the auction, with 64 bids recorded.
It was the first time this under-developed site had been offered for sale in 80 years.
