Re-development Opportunity In Surry Hills

A rare inner-city site in Sydney's Surry Hills has just recently been put up for sale.

CBRE have been appointed to sell the 620 square metre block located at 432 - 442 Elizabeth Street. Boasting a high profile location, the site is close to transport, local restaurants and retailers, and the CBD.

The large site is combining two titles benefitting from favourable planning controls encouraging re-development, including a mixed-use zoning.

A proposed scheme for the 'mixed-use' re-development could include the construction of a six-storey building accommodating two retail/commerical units on the ground floor, 30 apartments on the upper floors, and a private urban pocket park.

CBRE agents Gemma Isgro and Anthony Bray are selling the property on behalf of the vendor, who has owned the site for over two decades.

Ms Isgro said the site's strategic position benefited from consistent interest from local, national and offshore developers and offered a rare opportunity to gain a foothold in the tightly held Surry Hills market.

"The sale of 432 - 442 Elizabeth Street is unique in this area, with no competing development stock available. Development opportunities of this scale and location are highly sought after from residential developers which should make this scale extremely competitive," Ms Isgro said.

Recent residential developments in this area, such as the 81 Foveaux Street development, have demonstrated the extraordinary level of interest for residential properties in Surry Hills, with 3,150 buyers registering for the 53 apartments.

"With the Elizabeth Street site we can confidently project to developers the achievable gross realisation and demand for end product," Ms Isgro said.

The property will be sold via a public auction 5 May 2015.