SYDNEY, 12 October 2020 – Appetite for Approved Sites to be tested again amongst Billions in Infrastructure.
An approved commercial development site is coming to market in Surry Hills and is set to test the depth of capital eyeing off Sydney’s Fringe.
Designed by award-winning architect William Smart of Smart Design Studio, 479 South Dowling Street, Surry Hills is an approved commercial building integrating what will be a beautifully restored early 1900’s grand terrace with what can only be described as a modern masterpiece positioned on the corner of South Dowling and Fitzroy Streets, Surry Hills.
According to the Developer, Andrew Donnelly from Braxton Capital, the vision for the site has been realised in the approval: "This highly-visible site presents a rare and extraordinary opportunity to create a striking gateway into the creative precinct of Surry Hills and delivers an exciting piece of architecture worthy of its prominent location.
The design will establish this landmark building as the eastern gateway to Surry Hills by providing creative office space within two connected buildings that explore the dynamic between contemporary and traditional architecture. This marks another successful example of the City’s progressive and leading approach to design and development."
“It’s been all eyes on the fringe this past few months and in particular around Surry Hills where we are witnessing close to $3 billion dollars on Public and Private Infrastructure projects continue unabated,” said Miron Solomons, National Director of Investment Sales, Colliers International
“Our team have tested the market across multiple asset categories and it’s obvious that both the infrastructure investment and resilience we have seen in the fringe have been noticed beyond the usual groups we see as active in this market. We are also now working with groups who are traditionally active in other asset class or even states who have identified the key investment fundamentals this location offers. Key transport links with excellent proximity to the CBD, Suburbs and airport, as well as low vacancy rates that have been tested and proven resilient in this unusual time.”
“Surry Hills was sitting close to 1% vacancy prior to the pandemic and with the initial adjustment and now influx of companies who are looking to relocate or establish themselves into this market, we have in fact seen a positive arbitrage.”
“I don’t think there are many other Fringe markets globally that are witnessing demand for projects of this magnitude continue during this time. The generally positive market sentiment can be directly attributed to the NSW and Federal Government's response and handling of the pandemic as buyers are actively engaging and seeking out quality development and investment opportunities” said, Matt Pontey, Associate Director, Investment Sales, Colliers International
“We don’t see many commercial development sites offered to market in Surry Hills with valuable approval and designs of this calibre. We are confident in seeing interest nationally from developers and owner-occupiers competing for this landmark gateway site. It would make an amazing Head Quarters and it will be interesting to see who is going to stamp their brand on the signage and exposure the site offers.”
479 South Dowling Street, Surry Hills will be offered via expressions of interest closing Wednesday 11th November.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning approximately 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn
