Seatech Industrial Pty Limited has purchased a two level, mixed-use freehold city fringe warehouse building in Chippendale for $4.8 million.
Seatech Industrial Pty Limited, a private high net worth Chinese company has purchased a two level, mixed-use freehold city fringe warehouse building in Chippendale for $4.8 million on a market equated yield of 3.75%.
The 259sq m site at 18 City Road consists of approximately 450sq m net lettable area and is located in one of Sydney’s most coveted commercial locations, just 2.4km from the Sydney CBD.
The property boasts prime City Road frontage, favourable B4 zoning allowing mixed-use and student accommodation development, potential to strata subdivide (STCA), dual street frontage with excellent exposure and is right on the door step of Sydney’s most iconic retail strips and within 1km of top Australian universities UTS, Sydney University and Notre Dame.
The deal was negotiated by Tom Tuxworth, David Hickey and Nick Lower of Savills Metropolitan & Regional Sales who said the campaign generated over 200 enquiries, with 84 inspections and 24 contracts issued, with a focus on sourcing buyers locally, nationally and internationally.
Mr Tuxworth said “Over 55% of the buyers were sourced through the extensive network of the Savills Asian Services Team, looking for a prominent, highly sought-after and strategic location within the booming city fringe and fast developing cosmopolitan suburb of Chippendale.