Warehouse converted office fetches $25m
A swank warehouse converted office with ground floor retail in inner south Sydney has sold off-market.
On 571 square metres zoned B4 Mixed Use, 85-93 Commonwealth Street, Surry Hills, fetched $25.1 million.
Over four floors it contains 1700 sqm.
The floorplates are large – one level spanning 465 sqm is for lease.
The property previously traded in mid-1997 for $2.1m.
Neighbouring office sale
The deal for 85-93 Commonwealth St comes three months since ex-Sydney Football Club director and board member Phillip Wolanski outlaid $32.6m for the neighbouring office, #79-83.
Titanium Property was that seller.
The transaction reflected a 4.9 per cent net passing yield (continues below).
Also last year the family of late art dealer Ray Hughes sold a three level warehouse converted gallery and office in the suburb, on Devonshire St, developed in 1914.
That deal was worth c$22.9m.
The art dealer paid $1.3m in 1992 occupying for years before retaining it as an investment.
Music publishing giant BMG rents the top floor.
TCG’s Eric Lundberg is managing the leasing campaign for 2/85-93 Commonwealth St.
This pocket of Surry Hills is 1.3 kilometres from Sydney’s GPO.
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