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Eastern Sydney property sells for over $10 million


The iconic Schwepps building in Sydney's Surry Hills has taken the fancy of a local investor, who paid $10.75 million for the property. 

The renovated building is a warehouse-style office, with a net lettable area of around 1,454.8 square metres.

Located at 65-67 Foveaux Street, it is a stunning four level structure - with commercial suites in the upper floors, a ground floor bar and restaurant, a basement-level lounge bar and rear parking for up to six vehicles. 

Four real estate professionals were involved in negotiating the sale. These included Gunning Commercial's Tom Speakman and Romain Saussey along with Knight Frank's Dominic Ong and Andy Hu.

Mr Speakman says local investors are finally looking at developing their property development portfolio at a pace that matches overseas investors.

He added there was immense interest from international developers, however, it was pleasing to observe that the local market is more confident than it was 12 months ago. 

According to Knight Frank's Andy Hu there was a lot of interest from Asia.  

"We received buyer interest in the property from Hong Kong, South Korea, India, as well as local syndicates and local small boutique property funds, however the local investor secured the property," he said.

Mr Hu commented that Australian investors are starting to compete with overseas investors given the tight market conditions in Australia. The local market has picked up on the fact that the low interest rate will continue to drive demand. 

"We are finding local investors are particularly interested in areas such as Surry Hills, which is a highly sought-after area both for office and residential space. Having historical significance is also a key attraction for local investors," he explained. 

Date Published: 30 Jun 2015
Category: General News

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