$500m plan for James Packer warehouse
A $500m plan for a Sydney warehouse sold by James Packer is set to radically transform one of the city’s most neglected areas.
A $500m plan for a Surry Hills warehouse, recently sold by a company owned by James Packer for $110m has been welcomed by the developer of another mega project nearby.
The billionaire former casino mogul recently sold historical Marlborough House in Marlborough St to developer Time & Place, who intends to convert it into 150 apartments, including 26 affordable units, with an end value of $400m-$500m.
The proposed redevelopment is just 300m from the recently completed Toga redevelopment of Surry Hills Village, which also cost more than $500m, where just 13 of the 122 apartments on offer now remain for sale.
Toga’s executive general manager, Anthony Falas, said Time & Place’s plans for a nearby warehouse would be good for Surry Hills.
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The proposed $500m redevelopment of Marlborough House is close by Surry Hills Village, another $500m redevelopment.
Just 13 from 122 apartments in the Surry Hills Village remain for sale.
“It’s going to elevate the standard of apartments in the area, which mainly has lots of older stock,” he said.
“And it’s going to bring a lot of new people into the area, which is great for our retail offering.
“We’ve attracted a lot of blue-ribbon eastern suburbs buyers, from Paddington, Woollahra, Bellevue Hill and Vaucluse.”
The retail and foodie scene at Surry Hills Village’s Wunderlich Lane has been really cranking up, with the recently opened Greek restaurant Olympus, an Asian fusion eatery called Island Radio, Regina Pizza Italian and the Messina next door already hugely popular.
Time & Place, backed by James Packer, has acquired Marlborough House in Surry Hills, Sydney
And there’s more to come, with a pub/cocktail bar called Baptist St Rec Club and Lottie, a new Mexican restaurant atop the new 102-room boutique hotel Eve, to open soon.
The new food and retail hub, which also includes a new Coles and Harris Farm, is a huge bonus for the Surry Hills Village residents but also the future buyers at the Time & Place project.
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There’s a new Coles and Harris Farm now open at Surry Hills Village. Picture: Tim Hunter.
The Greek restaurant Olympus at Wunderlich Lane in the Surry Hills Village is already hugely popular.
That developer bought the 3413 sqm Marborough House site in partnership with investment firm NPACT, a wholly owned subsidiary of Victoria Fields that’s owned by Packer.
It’s the first time in more than half a century that Marlborough House has been sold in a deal done by JLL’s James Aroney and The Agency’s Michael Laing.
The existing building was built between 1914 and 1934 as a clothing, furniture, homewares and luggage-building factory for David Jones.
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James Packer sold the warehouse for $110m. Picture: Getty
Plans were expected to be submitted for approval to the NSW Government as a significant development project with a design competition to follow.
Demolition is expected in 2027 and completion two years later.
