Savills News

Australia’s most valuable freehold land set to hit the market in Sydney

Savills is launching an exciting international sales campaign, as the NSW Government divests the Sirius building, with funds raised used to invest in new social housing across NSW.

Savills is launching an exciting international sales campaign, as the NSW Government divests the Sirius building, with funds raised used to invest in new social housing across NSW.

The Sirius sale is part of the NSW Government’s strategy to fund new social housing close to jobs, education and transport through the sale of former social housing dwellings.

Located on a 3,664.5sq m site at 2-60 Cumberland Street, The Rocks, the stepped Sirius building was completed in 1980 and currently comprises 11 storeys tapering down to the north and south. There are 79 units of varying configurations, approximately 70 basement car spaces and approximately 7,010sq m of Gross Floor Area (GFA). The site is within easy walking distance of Circular Quay, the Sydney CBD, Barangaroo and everything in between.

Many of the apartments boast significant harbour and city views, with the rooftop by far Sydney’s most spectacular and uninterrupted vantage point with a 360-degree view of the glistening Harbour, Opera House, Harbour Bridge, Circular Quay, city skyscrapers, as well as expansive views towards Barangaroo, Milsons Point, North Sydney, Pyrmont and Balmain.

Sirius is exclusively listed through Simon Fenn, Stuart Cox, Neil Cooke and Michael Simpson of Savills Australia via an international sales campaign which is set to highlight the future potential of the landmark building.

The location and aspect of the site lends itself to substantial development opportunities that can benefit from the stunning views on offer, and the NSW Government has exhibited a SEPP amendment for the site within Schedule 3 of the State Environmental Planning Policy (State Significant Precincts) 2005 (SSP SEPP). This will apply new zoning, building height, maximum gross floor area, active street frontages and design excellence controls over the site.

The proposed new controls would replace the SCRA Scheme for the site. The decision on the proposed SEPP amendment is expected imminently. The NSW Government will maintain interest in the site, ensuring any future developments are sympathetic to the surrounding area.

There is a proposed maximum GFA of 8,420sq m* and flexible B4 Mixed Use proposed land zoning incorporated within the SEPP.

According to Simon Fenn, Managing Director of Savills NSW, Sirius represents a unique opportunity to acquire a rare, freehold land parcel in arguably Sydney’s tightest held precinct.

“The site, to be sold with vacant possession, is situated within walking distance of Australia’s largest commercial and economic business district; the Sydney CBD, as well as the new Barangaroo precinct and Sydney Harbour.

“The site provides exceptional Sydney Harbour views to the north and the east, spanning the Bridge and Opera House, which must be seen to be believed,” he continued.

According to Stuart Cox, Director of Residential Site Sales at Savills Australia, “Due to the limited freehold developable land in The Rocks, there is high demand for this location.”

Mr Cox went on to say that this site, located at the harbourside forefront of Australia’s gateway city is regarded as some of the most valuable land in the world and significant infrastructure projects will directly benefit residents, employees and visitors to the surrounding area.

Mr Cox believes Sirius may be the last freehold development opportunity in the harbour-side precinct of The Rocks.

According to Neil Cooke, Director of Residential Site Sales at Savills Australia, the Sydney CBD is undergoing the highest infrastructure spend since the development of the Harbour Bridge, with major amenity upgrades occurring around the CBD.

“Some of these include the continuing development of Barangaroo, the proposed revitalisation of Circular Quay and ferry terminals, the creation of the new light rail system that is proposed to travel from Circular Quay to Randwick and Kingsford, the $1 billion upgrade of Wynyard Station and Australia’s largest public transport infrastructure project, the proposed Sydney Metro.”

“Many current and future projects will directly impact and improve the connectivity and recreational amenity on offer to residents in The Rocks. A number of private developments will also further enhance and activate the surrounding area,” he said.

Positioned near the waterfront and offering superb views of surrounding landmarks, The Rocks is widely considered Australia’s first colony, and is registered as a national culturally significant precinct.

The Rocks is located at the southern footings of the Sydney Harbour Bridge and highly regarded for its vibrant cultural lifestyle. The streets are teeming with activity, with a plethora of restaurants and bars, art galleries and fashion studios, convenience retail, creative commercial space, views of the Harbour and the Harbour Bridge as well as the popular Rocks Markets.

The Sirius Building will be sold exclusively through Savills Australia by way of International Expressions of Interest (EOI) leading into a Tender.

The EOI commencement date is Friday 25 May 2018 and all EOI’s are to be submitted no later than 4pm, Thursday, 28 June 2018.


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