Savills News

Changing face of Redfern sees land values in high demand

Redfern has quickly transformed into one of Sydney’s most desirable areas to live, work and play.

The changing face of Redfern from a low socio-economic suburb into a vibrant, trendy suburb often used as an idol for gentrifying suburbs, has seen the demand for residences in the suburb skyrocket over the past decade.

In that time, Redfern has evolved from a traditional working class precinct into one of Australia’s best examples of suburb gentrification. The result is a suburb with a true mix of uses including high end residential, major office developments, purpose built student accommodation and retail hubs all mixed in with heritage terraces and retail strips featuring art galleries, trendy dining outlets and long standing small businesses.

Due to its rich heritage and unique lifestyle amenity, Redfern is highly desired by both young professionals and families alike and offers its own commercial space, making up one of the Sydney CBD’s fringe market suburbs which is said to include over 400,000sq m* of Net Lettable Area (NLA). The Australian Technology Park is already home for Channel 7, and Commonwealth Bank across two newly constructed state of the art buildings.

According to Stuart Cox, Director, Residential Site Sales at Savills Australia, some of the key fundamentals that make Redfern such a sound investment include the close proximity to the Sydney CBD, access to transport from Redfern Railway Station and amenity in the form of schools, universities, health facilities, retail centres and strip shopping as well as sport and entertainment destinations.

“Redfern has undergone significant gentrification in the last decade and now proudly presents as one of Sydney’s most desirable city fringe suburbs adjoining the affluent Surry Hills” he said.

In light of this, Redfern Rosehill Pty Ltd is bringing a significant mixed use development opportunity** with unparalleled access to local amenities to market.

The landmark site at 44-78 Rosehill Street, Redfern represents an exclusive opportunity to acquire approximately 2,544 square metres of regularly shaped highly developable land (STCA).

The site is located centrally between Redfern Railway Station and the future Waterloo Metro Station providing direct access to the CBD and Barangaroo to the North and Sydney Domestic and International Airports to the South.

The property boasts three extensive street frontages to Rosehill Street, Margaret Street and Cornwallis Lane and is for sale exclusively through Stuart Cox, Neil Cooke and Johnathan Broome of Savills Australia.

In its existing state, the site is occupied by a two (2) storey building comprising commercial tenancies and car parking at ground level and commercial tenancies above. The building is of rendered construction with glazing to the primary street frontage and upper level windows as well as roller shutters in the northern elevation. Pedestrian access to the tenancies is gained from Rosehill Street, and vehicular access is afforded via two (2) separate driveways leading to the at-grade 21 car parking spaces at the rear of the site.

The existing facilities on the site currently provide 3,204sq m* NLA, accommodating four (4) businesses employing a total of approximately 240 workers.

Mr Cox said under the existing controls, the site is zoned B4 Mixed Use with an associated FSR of 2.3:1 (with end of trip facilities) and an 18m** height limit allowing for a substantial redevelopment for circa 5,851sq m** of gross floor area (STCA).

“The vendors have sought preliminary planning advice from Roberts Day and Wilowtree Planning to investigate the development potential for the site.

The council led local character statements are currently on exhibition and the identified increased capacity of the site is a great opportunity for developers or owners wishing to bank on development potential through either a planning proposal or waiting for the council led process to be finalised. The site has been identified as 1 of 22 key sites in the Redfern Street Precinct, and in particular within the Botany Road Corridor, the site present huge opportunity for numerous uses.

“This is a unique opportunity to acquire a well located, substantial parcel of land, with excellent development upside (STCA), situated on the fringe of Sydney CBD within close proximity to all the conveniences Redfern has to offer,” he said.

The site is moments from Australia’s largest public transport infrastructure spend, the Sydney Metro Rail project and is just 200m* from the existing Redfern Railway Station and approximately 300m* from the proposed Waterloo Metro Station.

The existing Redfern Railway station is one stop away from NSW’s busiest train station, Central Station, servicing 6 of 7 lines on the Sydney Trains Network. A number of connections via bus can be made at Central for local, long distance or interstate travel. The site is less than 5km* from Sydney International and Domestic Airports.

According to Neil Cooke, Director, Residential Site Sales at Savills Australia, Redfern is revered for its distinctive lifestyle yet still maintains its unique village charm.

“The suburb boasts an endless list of bars and restaurants, is a short level stroll from Sydney Entertainment Quarter and moments from the Sydney CBD and Darling Harbour.

“These immeasurable conveniences and associated lifestyle is what keeps Redfern residents so captivated through an exciting period of transformation.”

Mr Cooke believes the site will receive interest from local, national and offshore developers looking to capitalise on the unique and desirable lifestyle in arguably one of Australia’s most gentrified suburbs.

“Redfern’s cosmopolitan lifestyle with an abundance of amenity from parks to countless restaurants and bars in both Redfern and Surry Hills will draw in savvy investors and developers looking for their piece of elite Sydney real estate,” he said.

According to Johnathon Broome, Executive, Residential Site Sales at Savills Australia, the other major drawcard is that the property is close to some of Australia’s best educational facilities including UTS, The University of Sydney and NSW University as well Mirvac’s Australian Technology Park.

“Australia is now firmly entrenched as the third most popular destination for international students studying abroad globally. The international student population is continuing to increase in both universities and other education sectors.

“Notably, the site is a short 1km* level stroll from two of Australia’s highest performing and most prestigious universities being the University of Sydney and the University of Technology Sydney. Only 3.5km* to the east is the University of New South Wales.

“Total Full Time enrolments across these three Universities represents a staggering 120,000* students or over 11.5% of full time enrolments in Australia, and the latest data indicates steady growth in student numbers of 2-3% per annum” he continued.

44-78 Rosehill Street, Redfern is being offered for sale by way of Expressions of Interest through Savills Australia. EOI must be submitted no later than 4pm, Thursday, 28 November 2019.

Learn more about Savills Residential Site Sales.

*Approximate
**STCA

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