Sydney fringe freehold offering with flexible zoning, repositioning potential, and strong rental prospects in one of Sydney’s most tightly held office precincts
A rare opportunity to secure a freehold commercial building in the heart of one of Sydney’s most tightly held city fringe markets has come to market, with 79 Commonwealth Street, Surry Hills for sale.
JLL’s James Aroney, Harry Borger and Simon Storry have been appointed to handle the sale in conjunction with Knight Frank’s Jonathan Vaughan, Andrew Harford and Will Brassil. The property offers repositioning potential, strong leasing fundamentals, and a prime location surrounded by top-tier lifestyle amenity.
Mr Aroney said Titanium Property Investment acquired the building in 2010 with a vision to reposition it as a contemporary creative office space tailored to small and medium-sized businesses.
“A comprehensive refurbishment was completed in 2012, including a new mezzanine level, lift installation, façade renewal, and services upgrade. The refurbishment set a new benchmark for office amenity in the precinct and, at the time, secured premium rents above Surry Hills market rates,” he said.
Today, 79 Commonwealth Street sits within a vibrant and evolving part of Sydney that continues to attract growing demand. The building is surrounded by iconic venues including Chin Chin, AP Bakery, Poly, and the Paramount Hotel and Café, with Butter operating in the ground-floor retail space.
“Surry Hills has gained international recognition as one of the world’s coolest neighbourhoods, thanks to its blend of heritage charm, contemporary culture and culinary hotspots,” Mr Aroney said.
“This building is perfectly positioned to capitalise on that lifestyle appeal, offering a unique opportunity for investors or occupiers to secure a presence in one of Sydney’s most vibrant commercial precincts.”
The seven-storey commercial building comprises approximately 2221sqm of net lettable area on a 380sqm site, with 10 secure basement car bays and dual frontages to Commonwealth and Hunt Streets. Floorplates of approximately 300-345sqm with a side core design provide excellent natural light and street scape views.
Mr Borger highlighted that a key differentiator is the building’s street-level retail presence, which features high-visibility space suited to operators such as cafés, galleries, or wellness studios.
“This provides potential for both activation and income diversification in an increasingly experience-driven leasing market,” he said.
“This is an asset with real presence in one of Sydney’s strongest fringe office markets. With flexible zoning and the current lease rates well below market benchmarks, there’s significant scope to drive income through amenity upgrades and rental reversion.”
“The building is ideally suited to a range of repositioning strategies – from minor cosmetic enhancements to tenancy reconfigurations – and also presents a compelling opportunity for owner-occupiers seeking a flagship headquarters in a high-growth urban village.”
Knight Frank’s Jonathan Vaughan added that the flexible B4 mixed-use zoning and building configuration support longer-term strategies, including potential conversion opportunities.
“There’s scope to repurpose the lobby, create an end-of-trip facility or wellness space, and in time, explore residential conversion options. Its location near Central Station and the CBD, combined with walkable access to Oxford Street’s dining and cultural precinct, add to the building’s appeal,” he said.
“This is one of the most appealing Surry Hills opportunities we’ve seen in recent years – combining prime location, strong underlying fundamentals, and genuine value-add potential.”
Expressions of Interest for 79 Commonwealth Street close on Thursday 19th June 2025, at 3pm (AEST)
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