Real estate investment and development firm Freehold Capital has lodged a proposal for a commercial building in inner-city Darlinghurst.
Located at 249-255 Crown Street, the six-storey commercial development will sit on a 664sq m site, amalgamated from four individually-owned lots.
Freehold first started acquiring the lots in July 2017.
The SJB Architects-designed mixed-use development will comprise 2,324sq m of floor, split across five levels of commercial with ground floor retail.
The building will also incorporate a roof-top terrace fitted with solar panels and the retention of the existing Balkan restaurant building on the ground level.
The developer is proposing to demolish the buildings occupying 251-255 Crown Street — of which none are heritage-listed — retaining 249 Crown Street due to its distinct heritage and aesthetic value.
If successful with their approval, the Darlinghurst proposal will be Freehold’s first non-residential project.
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Premium rents in Sydney's office market are averaging $1071 per sq m with net effective rents expected to surpass $1200 per square metre by December next year, according to recent forecasts from Colliers International.
The transformation of Darlinghurst into one of Sydney’s most important retail and commercial precincts comes from a stagnation in the area due to land value rises, residential development, over-regulation and a lack of value placed on cultural activity.
In May of this year, The City of Sydney called for expressions of interest to transform 14,500sq m of prime retail and commercial property in Darlinghurst on a 99-year lease.
Lord Mayor Clover Moore cited the redevelopment of the properties an “exciting opportunity”, as the government aims to transform Darlinghurst into a precinct that improves opportunities for local residents, attracts greater numbers of visitors and boosts the local economy.