Permit-ready Surry Hills development site sells
A long-time TransGrid office in Surry Hills – offered permit-ready for a seven-level hotel – has sold to an offshore student accommodation developer.
The 8791 square metre holding at 70-72 Commonwealth Street collected $26 million.
The seller, Nedosu and Pacific Power, offered it with plans for a 121-room guesthouse.
It paid TransGrid $12.43m in 2012.
Next door, the c1939 ex Twentieth Century Fox Film Corporation headquarters, now The Surry, a 14-apartment project by Bates Smart, was bought by investment Marks Henderson for $13.05m in 2016.
Also in the pocket is the former Paramount Pictures office, built in 1938, now a boutique bar and hotel.
Film studio pocket
Zoned Mixed Use, 70-72 Commonwealth St was marketed for its potential to yield a student accommodation complex (continues below).
The permit allows for a 27-metre building and 4:1 floor-space ratio.
It has in recent years been occupied as an office.
Builder Hickory was an occupier.
JLL’s Harry Borger, Simon Storry, Willem Watson, Dean Weeks, Paige Aliendi and Nick Hopkins were the agents.
Twelve offers came in, they said, following a campaign launched in April.
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