This article is from the Australian Property Journal archive
TWO development sites in North Sydney, one a vacant lot and another approved for a mixed project has come on the market.
Collier International’s investment sales executive Tim Fox investment sales director John McCann have been appointed to sell the sites at 156 and 158 Pacific Highway.
Fox said the sites are expected to attract strong interest because there is an ongoing lack of development sites in the area and strong conditions in the office leasing market.
He added that sites like this rarely come up.
“It is a real opportunity to acquire a strategic site of approximately 795 sqm in the heart of North Sydney. There’s not a lot of supply coming online and yet we have seen new benchmark rents set in buildings such as 100 and 101 Miller St,” Fox said. “If demand remains strong, the vacancy rate will continue to compress and rents will continue to grow, delivering excellent opportunities for developers,”
156 Pacific Highway is currently a vacant block of land with no development approval whilst 158 Pacific Highway has approval for a mixed use development of 11 apartments and five levels of commercial/retail space.
McCann said there are currently only two other development sites with activity underway in North Sydney.
40 Mount St is currently being developed by Investa. Coca Cola committed to 7,200 sqm in the building, to be known as “The Ark”, which is due for completion in 2010.
Across the road, Dexus are currently building a 8,500 sqm extension to their building at 60 Miller St which is due for completion in 2009.
Australian Property Journal
