399 sussex view
Artists impression of the mixed-use asset with significant development upside. Image supplied.
  • The asset was listed for sale in April
  • Over 130 individual enquiries were received, with 12 formal property inspections conducted
  • Many opportunities for redevelopment due to favourable zoning

A vacant site in the Haymarket precinct, previously home to the famous Golden Century restaurant, has been sold by Savills and JLL.

Representing one of the largest vacant possession transactions in the Sydney CBD over the past year, the 393-399 Sussex Street, Haymarket, the property occupies a 25 metre street frontage along the main thoroughfare to Chinatown.

The site has been acquired by an undisclosed developer, for an undisclosed price. When it was listed, sources indicated the site would sell for around $60 million.

Jordan Lee and Andy Hu of Savills, alongside JLL’s James Aroney and Lina Ko, sold the property with Chris Drayton of Makinson d’Apice Lawyers facilitating the transaction.

“ The campaign generated over 130 individual enquiries, with 15 groups granted access to data room and 12 formal property inspections conducted,” said Mr Lee.

“Premium retail offerings along this section of Sussex Street are rarely offered to the market and the high exposure location of this asset is second to none.

“The property greatly benefits from the bustling activities in the nearby retail precinct.”

Jordan Lee, Savills

Mr Aroney added, “Haymarket’s location close to Central Railway and the Tech-Central Precinct is ideally poised to benefit from an unprecedented private and public investment into the area.”

“This regeneration underpins Chinatown’s appeal as one of the most vibrant districts in Australia.”

The property occupies a 708 sqm undeveloped site that is benefitting from a favourable 7:5:1 base FSR. There is a potential bonus for a range of alternative development options, such as retail, hotel and office which can be used to generate a total gross floor area of 6,372 sqm.

The four-storey retail building offers around 2,135 sqm of net leasable area.

The building is surrounded by a range of local landmarks such as Paddy’s Market, University of Technology Sydney, Darling Quarter Precinct, World Square, Central Park and the Tech Central Precinct.

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