This article is from the Australian Property Journal archive
SYDNEY Links Real Estate director Trisiana Muljono has secured a redevelopment site in Sydney's prestige suburb of Potts Point for $3.7 million plus GST.
Located at 194-196 Victoria St, the 273 sqm site currently boasts onsite parking, restaurant premises and two apartments. Zoned B4 mixed-use, the site is suitable for a number of development options, including residential, student accommodation, boutique hotel, commercial offices, and retail space.
Sydneylinks Realestate is expected to submit development approval to build a new office on the premises. CBRE`s Gemma Isgro and Anthony Bray negotiated the sale via a public auction.
Isgro said the site represented an extremely rare opportunity for buyers seeking mixed-use re-development sites to obtain a foothold in the tightly held Potts Point area.
“The flexible zoning and redevelopment options were key selling factors, as investors recognised the potential to re-configure the current layout to suit mixed-use demand and grow income from refurbishing the existing structure.
“Recent sales activity of mixed-use developments in the area demonstrates the strength of the market and assured the buyer of the security in this assignment,” Isgro said.
“Not only does this building provide an opportunity with development upside, it also extends the opportunity to refurbish for commercial and retail use,” Bray concluded.
CBRE also negotiated the sale of a residential development at Carlingford in Sydney`s north-west.
Located at 28-34 Donald St, the 2,826 sqm site was sold by CBRE`s Danny Shi for approximately $6 million.
Australian Property Journal
