This article is from the Australian Property Journal archive
JAMES Packer's Crown Casino is looking to score a windfall from the sale of two Southbank sites with big development potential.
Mark Wizel and Sebastian Drapac, of CB Richard Ellis have been appointed to sell the City Road properties, either individually or in one line.
Located at 141-145 and 147-155 City Rd, Wizel and Drapac said the sites are expected to appeal to owner occupier, developers and investors.
The property at 141-145 City Rd is expected to fetch more than $4.25 million and 147-155 City Rd is expected to fetch more than $8 million. Expressions of Interest on both properties will close on November 19.
141-145 City Rd comprises a two-storey, 1,649 sqm building and 10 on site car spaces. The total land area is circa 925 sqm.
The larger 147-155 City Rd site has a total land area of approximately 1,602 sqm. The property features a two-level building known as Millbank House, which was refurbished and extended in 1989. The building has a total lettable area of circa 1,602 sqm, with 43 on-site car bays.
Wizel said as a development opportunity, the combined 2,527 sqm landholding has the potential to accommodate a significant high rise development, subject to the relevant planning approvals.
“We see the predominant interest coming from both local and national developers, with the potential for some offshore interest from different parts of Asia.
“The opportunity to secure 2,500 sqm of prime Southbank land with corner frontage is extremely rare in today’s market. Over the past 10 years, this pocket of Southbank has established itself as a highly sought after residential precinct market and this site has the potential to accommodate the area’s next serious Southbank high density project,” he continued.
The site has been home to Crown College, an extensive training facility, for 15 years and has seen in excess of 8,000 employees obtain qualifications, including over 3,500 traineeships.
Crown’s CEO David Courtney said Crown is completing construction of a new $10 million training facility which will be contained within the new Crown Metropol Hotel.
He said the City Rd site is surplus to Crown’s requirements.
The sale continues James Packers strategy of selling non core assets. In August, Consolidated Media Holdings Limited sold its headquarters at 54 Park St, Sydney to AMP Capital Investors for $50 million.
Australian Property Journal
