- Quay Quarter Lanes open
- 85 Harrington St in The Rocks includes office and retail
- Three hectare site for sale in Five Dock
Two significant properties have hit the Sydney market, and a recent CRE opening have been announced today.
Over three hectares at Five Dock
The massive site has been amalgamated for over 20 years, said Colliers, by the current owners. The over three-hectare site is said to have benefitted from a council-led planning proposal to rezone the land from industrial uses to B4 mixed-use, with a 3:1 floor space ratio and building heights of up to 67 metres.
Located a brief 10 minute walk to either Five Dock or Burwood North Metro Stations, the site is located in the riverside, inner-west suburb of Five Dock. Within the local government area of City of Canada Bay, the suburb is some 10 kilometres west of the Sydney CBD.
There is significant demand for this type of location, Colliers’ Trent Gallagher said: “South Sydney and the Inner West are land constrained markets with very few scalable sites left in these precincts, which is creating high demand for the few remaining sites, such as Five Dock, as developers know these types of opportunities are irreplaceable”
Apartment prices in the suburb are also significantly higher than the average, presenting investors with one of many attractive development options.
“The median apartment price in Five Dock is $969,000, whilst the median house price is $2,500,000, meaning the average house is 62 per cent more expensive than the average apartment,” said Colliers’ James Cowan, Director.
“With the low level of completions throughout 2020 and 2021, there is an alarming undersupply of apartment stock in this location which is a concern due to the affordability crisis that freehold dwelling prices have created.
“We expect developers will take this into consideration when master planning this supersite.”
The property has 190 metre and 170 metre frontages, with a potential yielf of 90,000 square metres of GFA. It is located opposite 10 hectares of public parkland and adjacent to Rosebank College.
The Rocks, Sydney
Another mixed use property was announced on the market today, located in Sydney’s historic The Rocks.
Located at 85 Harrington Street, the mixed commercial and retail precinct includes a whole floor of commercial office space (1,016 square metres) and 909 square metres across eight retail tenancies.
The recently completed property sits a stones throw from Sydney’s Shangri-La, Four Seasons, and Museum of Contemporary Art.
Colliers and IB Property have the listing, selling on behalf of vendors Golden Age Group and Hannas.
The Harrington Collection has a price guide of circa $35 million.
Quay Quarter Lanes open
Part of the Quay Quarter Sydney development jointly owned by AMP Capital Wholesale Office Fund and Dexus Wholesale Property Fund, Quay Quarter Lanes is a 3,600 square metre lifestyle and retail precinct.
The precinct includes three residential and retail buildings along with two historic wool stores that have been refurbished.
Quay Quarter Tower, the landmark 50-storey premium grade office building at 50 Bridge Street has just been completed offering 89,000 square metres of world-class, highly sustainable commercial office space.
It will become home to Deloitte, Corrs Chambers Westgarth, AMP, EQT, Johnson Winter & Slattery in addition to flexible workspace to be managed in a joint venture with The Work Project. Quay Quarter Tower has achieved 89% leasing pre-commitment.
