Sydney’s inner-city area is a hive of sales-related activity, with some $4.8 billion worth of projects underway and $3.1 billion of approved works yet to commence.
The Mah family have been revealed as the buyers of an Elizabeth Street office tower, which earned Sydney-based Xiaoxuan Zhong and Jingru Lin of Pyrmont a tidy $45 million profit.
The Mah family paid $90.8 million for the 12-storey tower. The family own 287 Elizabeth Street – a 12-storey, B-grade building which is expected to contribute to a longer-term redevelopment that may include both towers.
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Two buildings within the CBD, located at 371-375 Pitt Street and 116-120 Liverpool Street have recently hit the market, with the two assets expected to sell for around $110 million.
Spanning 619sq m, 371-375 Pitt Street has an approved development application for a 252-room hotel, in addition to retail space over four levels, while both sites will provide future owners with an income profile to facilitate longer term redevelopment.
The adjoining property at 116-120 Liverpool Street is set across three-storeys. It is currently fully-leased. Rebel Property Group managing director Allen Liz has appointed Knight Frank to market the buildings.
The Pitt and Liverpool sites are located opposite China’s Han’s Group $1.5 billion regeneration, which received development approval in December. The approved scheme includes a 258 metre tower, which would provide up to 700 residential apartments over 66 storeys, as well as a hotel, commercial and retail uses.
“Sydney CBD is evolving with an unprecedented amount of infrastructure, large scale developments, and emerging precincts proposed or underway,” Knight Frank head of Asian markets in NSW Dominic Ong said.