Raine & Horne Projects appointed to sell the Surry Hills site in conjunction with JLL and I.B Property
Sydney (29 September 2021): Leading property experts – Raine & Horne Projects, have been appointed to manage the sale of 4-22 Wentworth Avenue, Surry Hills alongside JLL and I.B Property. The rare 1218 sqm city-fringe site comprises five side-by-side freehold mixed-use buildings, each with separate titles.
The site offers exceptional opportunities, being positioned along the northern boundary of Surry Hills, just 800 metres to Central Station and with close proximity to Oxford Street.
Mr James Nixon, Director of Raine & Horne Projects is leading the sales team in conjunction with Mr James Aroney, Senior Director of JLL Capital Markets (NSW) and Stefan Ippolito, Director, I.B Property.
Mr Nixon said, “4-22 Wentworth Avenue offers rare and exciting investment potential. Not only is this a premium site in an outstanding location, but there are also multiple value-add possibilities with Stage 1 DA approval already in place for a major mixed-use project of approximately 7500 sqm of Gross Floor Area (GFA).
“Investors will be further encouraged by the Planning Proposal approval, which prevents the adjoining property at 24-44 Wentworth Avenue from overshadowing the future development of 4-22 Wentworth Avenue.
A tightly held precinct
The Surry Hills precinct is not only tightly held, but it’s also a key beneficiary of continued investment by both the private and public sector, including the newly completed light rail network, which is attracting and retaining a strong workforce to the area.”
Mr Nixon said, “Pre-pandemic, Surry Hills was achieving some of the highest fringe office rents in Australia, reflecting strong transport links, character-rich buildings and a variety of amenities including local restaurants and music venues. The current development of the nearby Tech Central precinct is set to benefit from unprecedented private and public infrastructure investment as the NSW Government plans to generate Australia's largest technology precinct.
“4-22 Wentworth Avenue presents a rare and significant offering for the area and will only continue to appreciate with the completion of these developments,” said Mr Nixon.
“The Surry Hills precinct also boasts the lowest office vacancy rate in Sydney, supporting the requirement for creative office space.”
Mr Aroney said, “We anticipate significant interest for 4-22 Wentworth Avenue, due to the major future commercial development upside of this perfectly positioned city fringe investment. As an alternative to redevelopment the assets are an attractive landbank opportunity with existing holding income and strong rental upside by repositioning into a variety of uses, including creative office and retail accommodation.”
Mr Ippolito added, “The Stage 1 DA approved by City of Sydney council includes a 19-storey development above the current hotel. The expanded hotel has concept plans for 202 luxury appointed rooms with a ground floor restaurant and bar offering.
Expressions-Of-Interest for 4-22 Wentworth Avenue, Surry Hills close on insert date and for more information contact Mr James Nixon, Director of Raine & Horne Projects on 02 8067 1000 or 0415 889284.