Restored Surry Hills warehouse one of the best to ever come to market

20 April 2023

A diverse commercial offering that blends heritage elements with the modern eclectic vibe of Surry Hills is set to reshape the market after coming up for sale

The offering at 276 Devonshire Street features a fully refurbished creative warehouse space across multiple levels with an attractive tenancy profile. This is complemented by 13 modern residential apartments completed just three years ago with expansive rooftop amenities, providing a diverse stream of income.

Expected to attract interest from a wide range of buyers including institutions, funds and high-net worth individuals, the island site is situated in the ever-popular and resilient CBD fringe, which continues to benefit from the Tech Central precinct, improved infrastructure and transport connectivity through the light rail system and Central Station.

The Colliers team of Miron Solomons, Matt Pontey and James Girvan have the exclusive listing, with price expectations north of $50 million.

“This outstanding asset that pays homage to the history of the region is the best example of a repositioned heritage warehouse in Surry Hills that we’ve seen to date,” Mr Solomons said.

“Its location directly next door to the iconic Brett Whiteley Studio is testament to the property and the region’s creative roots, and the substantial amenities accessible throughout the CBD fringe makes it highly desirable for both residential and commercial tenants,” Mr Pontey added.

“With cash rates holding this month and the advantageous nature and resilience of the CBD fringe market, we expect to witness strong levels of enquiry as investors see the relative safety of such a high-quality asset,” Mr Girvan said. 

With a NLA of approximately 2,231sqm and significant depreciation benefits, the property has a fully leased income of circa $2 million. It is occupied by distinguished tenants including 3XN Architects, software company Dovetail and Provider Choice, a disability services and support organisation.

276 Devonshire Street, Surry Hills is for sale via an expressions of interest campaign, closing on the 17th of May 2023