ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Private Chinese Group Picks Up Surry Hills Site For Redevelopment

70-mary-st

A Surry Hills property has been purchased by a private Chinese group, with plans to redevelop the 132.8 square metre site into a mixed-use retail and residential complex.

The complex could potentially reach a height of 22 metres, subject to council planning approvals.

The site, 70 Mary Street, is currently a two-storey mixed use building situated on a busy corner in Sydney’s CBD.

CBRE’s Anthony Bray and Gemma Isgro negotiated the auction sale for $2.52 million - $520,000 above the reserve price.

“The sale had re-written the square metre rate for mixed use development sites in Surry Hills,” Mr Bray said.

“Based on the site area, the sale represents a value of $18,975 per square metre, which reflects the property’s development potential.”

According to Mr Bray, seven bidders attended the auction, with 64 bids recorded.

It was the first time this under-developed site had been offered for sale in 80 years.

ADVERTISEMENT
TOP STORIES
CONTRIBUTE TO THE CONVERSATION
Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: https://theurbandeveloper.com/articles/private-chinese-group-picks-surry-hills-site-redevelopment