Ray White Commercial is proud to present to market this substantial, mixed use opportunity at 559 - 561 Crown Street, Surry Hills. The property will be offered for Auction on the 16th of November 2021.
The asset, owned by the same family for over 30 years, offers the future owner a current strong return, with the prospect of future upside through rental uplift, development (S.T.C.A) or repositioning under the flexible B2 zoning.
This investment opportunity is anchored by a long lease to Blooms the Chemist on the ground floor with twelve (12) self-contained residential studios on the upper floors. The property is located in Surry Hills which is one of Sydney's most desirable and exciting growth corridors. Recently rated by Time Out magazine as the 'coolest' suburb in Sydney and ranked in the top 20 in the world, the location is a magnet for savvy investors and has benefited from year on year growth due to its central location on the doorstep of the CBD and the multitude of transport options, schools and universities in the immediate area.
Additional highlights of the asset include:
- Long term, ground floor lease to Blooms the Chemist
- 12 well appointed self-contained residential units
- Current commercial net income of $132,500 per annum*
- Potential fully leased residential income of $202,800 per annum*^ (6 month rent guarantee provided)
- Potential fully leased building income of $335,300 per annum*^
- Site area of 177 sqm*
- Building area of 315 sqm*
- Low outgoings
- Zoned B2 Local Centre
- Future rental, repositioning or development upside (S.T.C.A)
The property will be sold via Auction on Tuesday, 16 November 2021 at 10.30am (AEDT). The Auction will be held online and in person at auctionWORKS, 50 Margaret Street, Sydney.
*Approx
^Fully leased residential income is based on pre-COVID rental. Refer to the information memorandum and due diligence material for further information.
For more information, please contact the below exclusive selling agents:
Samuel Hadgelias
Director
Ray White Commercial - Metropolitan Sydney
0403 254 675
shadgelias@raywhite.com
Victor Sheu
Director
Ray White Commercial - Head of Asian Investment Services
0412 301 582
victor.sheu@raywhite.com
