This article is from the Australian Property Journal archive
AN expansive freehold site across two titles in Sydney’s Redfern has entered the market, offering significant development potential to buyers and price expectations of more than $110 million.
Known as the Regent Collection, the 3,224sqm site is located at 71-81a Regent Street and 10-38 Renwick Street in Redfern, around 3km south of the CBD, the two titles include 58 apartments, four retail tenancies and a commercial building with 490sqm of NLA.
Tim Holtsbaum, Jonathan Vaughan and Dominic Ong from Knight Frank and James McCourt and Tom Williams from Karbon Property are managing the sale of the property via an expressions of interest campaign.
“Being situated in one of Sydney’s major growth corridors, the property provides a purchaser with the opportunity for immediate residential scale in Australia’s most sought-after city,” said Holtsbaum.
The site boasts significant frontages to both Regent and Renwick Street and is well placed, sitting just 200 metres from Redfern Station and within immediate proximity of South Eveleigh, Tech Central and the Waterloo metro precinct.
“A strata sell down, the construction of the now-lapsed DA or a complete redevelopment of the site will all provide short, medium and longer-term avenues to add value in the future after capitalising on the current income stream,” added Holtsbaum.
Holtsbaum also noted that the site enjoys favourable mixed-use zoning and boasts underutilised gross floor area, enabling buyers to use the asset for future development in the growing precinct.
“It is one of the few opportunities of scale in the city fringe that has potential to truly leverage off a range of surrounding proposed planning changes,” added McCourt.
McCourt said the site was strategically positioned to benefit from billions of dollars worth of incoming and underway private and public infrastructure.
“The gentrification of Redfern is ongoing and underpinned by a commitment from all levels of government to develop Australia’s biggest technology and innovation precinct,” said McCourt.
The Regent Collection is anticipated to bring in extensive interest from a diverse mix of buyers, with its strong fundamentals and development potential.
“We expect buyer interest to come from local, interstate and overseas investors and developers looking to capitalise on the growth to come in this market,” concluded Holtsbaum.
The expressions of interest campaign for the Regent Collection is scheduled to close on 7 July, 2022.
