Savills and JLL have sold the vacant site in the humming Haymarket precinct to an undisclosed purchaser, representing one of the largest vacant possession transactions in Sydney CBD in the last 12 months.
Prominently located at 393-399 Sussex Street, Haymarket, the property occupies a 25m street frontage along the main pedestrian throughfare to Sydney’s famed Chinatown, that is buzzing with life seven days a week.
Savills’ Jordan Lee and Andy Hu together with JLL’s James Aroney and Linda Ko sold the property and Chris Drayton of Makinson d’Apice Lawyers assisted in facilitating the transaction.
Joint State Head, Asia Markets at Savills Australia Jordan Lee said the property generated strong interest, as one of the most significant transactions in Haymarket so far this year.
“ The campaign generated over 130 individual enquiries, with 15 groups granted access to data room and 12 formal property inspections conducted “ -added 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,” Mr Lee said.
“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,” said JLL Capital Markets Senior Director James Aroney. “This regeneration underpins Chinatown’s appeal as one of the most vibrant districts in Australia.”
The property occupies a 708sqm site that is significantly underdeveloped benefiting from a favourable 7.5:1 base FSR with the potential bonus for a variety of alternate development options including retail, office, and hotel use to generate a total GFA of 6,372 sqm (STCA).
The four-storey retail building offers approximately 2,135sqm of NLA. The exit of the Golden Century Restaurant as a long-term tenant offers a golden opportunity to purchase an inter-generational asset.
The building is surrounded by local landmarks including Paddy’s Market, the University of Technology Sydney, Darling Quarter Precinct, Central Park, World Square, and the Tech Central Precinct; importantly, it is located just 1km away from Sydney Tower.