A Sydney CBD site approved for a mixed-use development is expected to be hotly contested by buyers when it hits the market this week, given the rarity of the offering.
The property at 311-317 Sussex Street is currently occupied by a three-storey commercial building with a floor area of 1600sq m, previously forming part of a group of warehouse units known as ‘Horden’s Buildings’ built in 1914.
But the 536sq m site, situated between the core of Sydney’s CBD and Darling Harbour, has development approval for a 16-storey mixed-use development.
The project, designed by FJMT Studios, comprises 83 rooms for student accommodation, 9 residential apartments, and 3 retail tenancies on the ground and lower ground floor over two basement levels with a total approved gross floor area of 4,750sq m.
The Sussex Street property, which also has frontage to James Lane, will be taken to the market via an Expressions of Interest campaign run by Dominic Ong, Jonathan Vaughan and Linda Zhu of Knight Frank on behalf of owner Guansheng Australia Pty Ltd.
Market feedback on pricing is over $35 million.
Mr Ong said the asset offered a rare opportunity to acquire a DA-approved development site in the heart of Sydney’s CBD.
“We expect both local and offshore developers to be interested in this opportunity,” he said.
“It is not often that properties offering development potential in the CBD come to the market, and with a revival underway in the city following COVID we are seeing renewed buyer interest.”
Ms Zhu said the property was in a prime location perfect for students, professionals and businesses, with plenty of amenity and transport options in the surrounding area.
“The site is just 300 metres from the Town Hall train station and will benefit directly from the major transport infrastructure projects such as the Sydney Metro, set to further improve connections within the Sydney CBD.
“It is also close to world-class retail and entertainment amenities, including Darling Harbour, Darling Square, ICC Sydney, World Square, Queen Victoria Building and Chinatown, as well as within walking distance to the University of Technology Sydney.”
The Expressions of Interest campaign for the property will close at 4pm on Wednesday, April 13.
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