Government Property NSW is looking to sell a non-core asset at 108 Miller Street, Pyrmont, which has the potential for redevelopment into city fringe apartments.
Pyrmont is said to be one of the fastest growth areas for high rise apartments, given its proximity to the city and the potential upgrade of the Bays precinct, which could be the new home for internet giant Google, as well as the Sydney fish markets, Barangaroo, The Star casino and the inner west entertainment suburbs of Balmain and Annandale.
Savills' residential site sale division's Stuart Cox and Neil Cooke have been appointed as the agents, and said, given the Miller Street site is seen as a "blank canvas", no price guidance has been made public.
Brett Newman, chief executive of Government Property NSW said the site is expected to attract significant interest for mixed use redevelopment, which will provide additional, much-needed inner city housing as Sydney continues to grow.
The NSW Government has been steadily selling down its property portfolio, where it deems the assets are non core - these include at Millers Point where it aims to sell 290 homes - and has so far raised $26.8 million from sales
Mr Cox said the Pyrmont development opportunity is expected to attract strong interest from both local and offshore development groups.
According to Ged Rockliff of Savills residential projects, there is pent-up demand from domestic and international buyers for quality apartments in prime locations in Sydney, against the backdrop of limited competing supply coming to the market.
"The twin dynamics of strong demand and tight supply have pushed apartment prices higher. In particular, we have seen Pyrmont apartment prices increasing by 17.86 per cent in 12 months; the current median unit price now sits at $820,000," Mr Rockliff said.
RESOURCED: http://www.smh.com.au/business/property/pyrmont-site-up-for-grabs-20150505-ggus94.html
Pyrmont is said to be one of the fastest growth areas for high rise apartments, given its proximity to the city and the potential upgrade of the Bays precinct, which could be the new home for internet giant Google, as well as the Sydney fish markets, Barangaroo, The Star casino and the inner west entertainment suburbs of Balmain and Annandale.
Savills' residential site sale division's Stuart Cox and Neil Cooke have been appointed as the agents, and said, given the Miller Street site is seen as a "blank canvas", no price guidance has been made public.
Brett Newman, chief executive of Government Property NSW said the site is expected to attract significant interest for mixed use redevelopment, which will provide additional, much-needed inner city housing as Sydney continues to grow.
The NSW Government has been steadily selling down its property portfolio, where it deems the assets are non core - these include at Millers Point where it aims to sell 290 homes - and has so far raised $26.8 million from sales
Mr Cox said the Pyrmont development opportunity is expected to attract strong interest from both local and offshore development groups.
According to Ged Rockliff of Savills residential projects, there is pent-up demand from domestic and international buyers for quality apartments in prime locations in Sydney, against the backdrop of limited competing supply coming to the market.
"The twin dynamics of strong demand and tight supply have pushed apartment prices higher. In particular, we have seen Pyrmont apartment prices increasing by 17.86 per cent in 12 months; the current median unit price now sits at $820,000," Mr Rockliff said.
RESOURCED: http://www.smh.com.au/business/property/pyrmont-site-up-for-grabs-20150505-ggus94.html
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