Surry Hills overhaul reaps rewards for investors
The Practec Group of Companies has capitalised on the overhaul of the inner Sydney suburb of Surry Hills to sell an Ann St complex for about $28 million.
The sale to a private investor caps a run of deals in the area that has seen international house Lasalle Investment Management and Greg Shand’s Barana Group also snap up properties.
In the latest play, JLL and SKW Property negotiated the sale of 63 Ann St to an undisclosed purchaser.
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JLL’s Steven Tsang and SKW Property’s Stephen Wan brokered the deal.
Tsang said the property was a unique office warehouse conversion in the tightly held Surry Hills office market. “This kind of office warehouse conversion is really a once in a cycle opportunity,” he says, noting the corner property had been privately held for over 23 years.
Public records reveal 63 Ann Street has been held by related entities of the vendor since 1995.
Wan says Surry Hills is the creative and innovative hub of Sydney and the building has drawn tenants attracted by the boutique nature of the space and the surrounding restaurant and bar strips.
The Surry Hills market has its lowest vacancy rates ever recorded at just 1.3%, on JLL figures, and more tenants in the technology, media and professional services areas are chasing space.
The Ann St complex is a 2381sqm warehouse building, converted in the 1990s, that now comprises a three-storey office building with on-site parking.
This article originally appeared on www.theaustralian.com.au/property.
