South Sydney is growing a significant precinct for ‘foodies’, with numerous high-end cafes, restaurants and food outlets already in place and with more to come.
“Divercity”, a significant Waterloo retail offering in the middle of South Sydney’s growing food-retail precinct, at 830-850 Bourke Street, has sold for $11.5 million.
Knight Frank’s Director of Sales and Leasing for South Sydney, Daniel O’Brien, along with Knight Frank’s Brett Burridge, Senior Director of Commercial Sales, managed the sale on behalf of Fortress / Goldman Sachs to an experienced private investor who has other properties in the area. Knight Frank is also managing the retail leasing process for the property.
According to Mr O’Brien, “The property at 830-850 Bourke Street sold in a week. We showed it to three local investors and the sale terms were agreed within seven days, before the property was slated to go onto the open market.”
The property at 830-850 Bourke Street features 18 retail shops varying in size from 50 square metres to 150 square metres, surrounding a plaza, with the potential for further subdivision or amalgamation.
The site includes five high-profile main road showrooms with exposure to Bourke Street, and also four two-level commercial suites with security parking that will overlook a park being developed on an adjacent site.
“The leasing campaign will start in late August. We are expecting interest from restaurants, wine bars, high-end cafes and quality food operations. Hurricanes committed to this site 12 months ago and is already trading exceptionally well along with the adjoining Sushi & More Japanese restaurant.
“The sheer number of sold and occupied apartments in the immediate area and its local residents practically guarantees success for these types of retailers,” commented Nick Sinclair, Associate Director of Leasing at Knight Frank, who will be steering the leasing campaign with Mr O’Brien.
“South Sydney has undergone a huge transformation in recent years. Within a five-minute walk from the new “Divercity” retail village is over 13,000 existing or currently under construction residential apartments.
“We expect that the restaurant and retailers that commit to this space will create a unique retail hub. This is the next step for the area, with numerous cafes already in place and now plans for more, to service the growing residential population,” said Mr O’Brien.
