Two neighbouring low-rise Surry Hills commercial buildings, leased to amongst others, a backpackers and takeaway restaurants, have sold to a local developer for $33 million.
The c900 square metre holding, 232-240 Elizabeth Street came permit-ready for a 10-storey mixed-use apartment or hotel based complex.
The redevelopment, also with a three level basement car park, was approved in mid-2017.
Oxford Property Group’s Daniel Marano brokered the site sale last month for an offshore investor (story continues below).
At the north east corner of Reservoir St the holding is in a pocket of Sydney’s inner south undergoing urban renewal.
“This property is directly opposite the emerging ‘Silicon Valley’ at Central Station where Atlassian, as well as listed…giants Dexus and Frasers Property are developing a multi-billion dollar technology precinct,” the agent said.
Last month we reported Real I.S paid $97m – a Surry Hills record – for a Waterloo St commercial property.