One of Sydney’s most iconic CBD corner retail assets has come on the market for the first time in 23 years.
192 Pitt Street, on the corner of Pitt and Market streets, is directly across the road from the recently developed Westfield Mall.
The six-storey asset is located in a prime part of the CBD which is about to undergo extensive redevelopment.
The adjoining City Tattersalls Club has plans for a new club, hotel and major CBD apartment complex, with further development likely above the nearby David Jones Market Street store, along with the total upgrade of 55 Market St, owned by Investa, which is located on the opposite corner.
The Li Family, which has owned the property since 1991 has decided to sell the property to free up capital for other projects they are involved in.
They have appointed agents Jon Chomley and Harry Bui from Colliers and Dominic Ong and John Bowie Wilson of Knight Frank to take the property to the market.
Mr Chomley, National Director of Investment Services at Colliers International, believes there is substantial upward rental reversion in the retail area.
“Having assessed the rentals being achieved across the road in the Westfield Mall there is strong evidence of much higher retail rentals being paid in this location so there is great opportunity to increase the retail rental in the building.”
Mr Ong, Senior Director of Asian Markets for Knight Frank agrees.
“It is extremely rare to get the opportunity to buy such a prominent and centrally located building in the Sydney CBD. We expect it will have strong appeal in the market, particularly to Asian buyers looking for a strategic central CBD ownership” he said.
The building is fully leased and has additional floor space ratio. It has been well maintained and enjoys outstanding frontage to both Pitt and Market Streets.