A rare, two level, mixed-use freehold building with repositioning potential or a diversified income stream is for sale in one of Sydney’s most popular City Fringe suburbs, Surry Hills.
466 Cleveland Street in Surry Hills is a vacant two-storey freehold building with a building area of 226sq m (including a 36sq m outdoor terrace) on a 147sq m site and is fitted with a commercial kitchen, grease trap, cool room and exhaust for a new restaurant operator.
There is a current DA in place for a dental practice and the building will benefit from the new Light Rail being constructed along Devonshire Street, connecting the East to Central Station and the CBD. The proposed stop will be a 100m walk to the corner or Bourke Street and Devonshire Street. This will be in conjunction with the current extensive bus network moments away.
466 Cleveland Street, Surry Hills is for sale through Ollie Ridley, Nick Lower and Selin Ince of Savills Metropolitan & Regional Sales who said the multitude of uses makes this a trophy asset in any portfolio and is ideal for medical headquarters.
Ollie Ridley, Sales Executive, Metropolitan & Regional Sales at Savills Australia said as the property offers a once-in-a-lifetime opportunity with incredible fundamentals, repositioning potential and of course its DA-approval, the property will naturally attract those within the dentistry world along with other affiliated medical fields looking for high exposure locations within prime inner-city locations.
“Potential purchasers will include commercial & residential developers, Dental businesses – carry out the DA to convert property into dental practice; Healthcare providers/investors – refurbish the property and lease to healthcare provider/pharmacies; value-add investors – internally refurbish or completely reconfigure internal areas and re-let property”.
Selin Ince, Sales Executive, Metropolitan & Regional Sales at Savills Australia said this is a prominent, highly sought-after and strategic location within the booming City Fringe and fast developing cosmopolitan Sydney suburb of Surry Hills.
“Sydney continues to be at the top of the list for national and locally-based international capital seeking prime real estate. This is fuelled by significant investment into infrastructure, strong population growth and booming education and healthcare sectors.
”While there is much emphasis on Asian Investment, Sydney’s local buyer market makes up a significant portion of end-purchasers for freehold buildings, as we have experienced over the last 18 months. Five out of 10 freehold transactions in the City Fringe with a value of up to $10 million+ were sold to local buyers.”