This article is from the Australian Property Journal archive
NEARLY 2,400 sqm of land in Pyrmont, between the two entrances of the future over-station development for the Metro West project, has hit the market.
Currently, the triple-fronted 13a-29 Union Street property has a 4,383 sqm building leased to a multinational IT services provider, on a triple net lease with a passing income of approximately $4.27 million per annum until November 2024, with a further five-year option.
The recently approved Metro West Pyrmont station is expected to connect Parramatta to Pyrmont and onto Hunter Street in the Sydney CBD in 20 minutes.
Expressions of interest sales for the Union Street will be handled by Richard Butler, Steven Tsang and Thomas Gnieser of Stanton Hillier Parker, together with Joseph Lin, Vince Kernahan and Henry Burke of Colliers. The property has long been asset managed by Terraform Capital on behalf of the Hong Kong owner that has held the property for over 30 years.
Butler said of the sale of 13a-29 Union Street Pyrmont is “very opportunistic, as major developers and investors are jostling to be part of the over station development”.
Tsang the property “is one of the most asked about in the area”.
Buyer interest is expected from local and offshore investors as it “presents an exceptional investment proposition capable of change with a prospect of transport-orientated development incorporating the NSW Governments’ Pyrmont Peninsula Place Strategy”.
Excavation of Pyrmont West Metro will begin next year and has received the green light for around-the-clock construction, 24 hours a day, seven days a week to meet the 2030 completion target.
Nearby is the Sydney Fish Market development anticipated to attract over six million people annually once it is completed in 2024, and closer is Mirvac’s $3 billion Harbourside Shopping Centre redevelopment where demolition is well underway.
Elsewhere in the locale, the 21 Harris Street building occupied by French multinational advertising and public relations powerhouse company, Publicis has reached completion, the former Wakil property 100 Harris Street has been converted intro offices, the high-end Grande residential development by TWT Property is going up and the Terminus Hotel is currently on the market.
The NSW government’s ‘Pyrmont Peninsula Place Strategy’ provides a 20-year plan for the future growth of the peninsula with up to 23,000 more jobs and up to 4,000 new homes.
Under the sub-precinct master plan and new planning control amendments, the Sydney Local Environmental Plan allows for a 110-metre tower above the Union Street entrance of the new station.
Lin said 13a-29 Union Street the city fringe is considered Sydney’s tightest market.
“Union Street serves as a major pedestrian corridor connecting the Sydney CBD to the creative precinct of Pyrmont as well as the ANZAC Bridge and The Bays. The opportunity to secure such a large site, adjoining the approved Pyrmont Metro Station and future pedestrianisation of Union Street is incredibly rare.”
Expressions of interest campaign close 20th June,
