Hornsby: The Epicentre of Sydney’s Upper North Shore

28 April 2017

Sydney’s Upper North Shore continues to go from strength to strength, as recent changes in town planning due to significant growth over the past decade see an increased level of high density mixed use developments, most notably in Hornsby.

Located approximately 25km north-west of the Sydney CBD, Hornsby is the commercial and administrative centre for the upper North Shore and is considered the gateway to Sydney from the Central Coast and Newcastle with all major transport and infrastructure leading Hornsby. 

The Hornsby CBD is designated for major retail and commercial buildings including Westfield Hornsby featuring Myer, David Jones, Event Cinemas, 335 retail stores, a food court and several restaurants. The Florence Street and Hunter Street pedestrian mall is also responsible for a high level of pedestrian traffic feeding into the immediate vicinity.

The property is set upon 2,265sq m and will hit the open market next week through Matthew Dunn and Tim Grosmann of Savills and Tyler Talbot and Dominic Ong of Knight Frank, on behalf of a local private investor who developed the site in 2008.

108 George Street, Hornsby is a four storey retail and commercial building comprising 4,397sq m* net lettable space, including ground floor retail showroom together with three levels of commercial/office accommodation and three levels of basement parking for 86 vehicles.

The property is 100% occupied with the retail leased to Officeworks and office being leased to the NSW State Government, United Protestant Association of NSW and Australian Unity.

The parcel of land adjoining the building is leased to Midas Australia on a brand new 10 year lease who have over 85 stores across Australia

According to Matthew Dunn, Director of Capital Transactions at Savills, “The properties have an excellent investment profile with five quality tenants being Officeworks, NSW State Government, United Protestant Association of NSW, Australian Unity and Midas Australia.

“This tenancy mix provides strength and diversity to the overall investment fundamentals and we expect strong interest from local and offshore investors and developers, looking to make their mark on one of Sydney’s strongest markets” he said.

According to Tyler Talbot, Head of Sales, North Shore at Knight Frank, “Given the B4 Mixed Use zoning under the Hornsby Local Environment Plan 2013, the 40m height limit and a 5:1 FSR the site lends itself to a significant mixed use development (Subject to Council Approval).

“It is feasible to achieve a high quality mixed use development comprising a 12 storey mixed use tower with approximately 100 marketable apartments and 2,500 sqm commercial/retail space” he said.

The properties offer three street frontages along George Street, Linda Street and Hunter Lane and Tim Grosmann, Director of Capital Transactions at Savills believes “The future for this type of property will evolve given that Sydney’s population continues to grow by 1.8 percent per annum and that the planning guidelines in the immediate area are adapting to cater for this growth especially given its proximity to existing infrastructure with the railway and bus interchange”.

Hornsby is extremely well serviced by public transport infrastructure with Hornsby Railway Station at the juncture of the North Shore, Northern and Central Coast lines. The Pacific Highway is the major arterial thoroughfare which intersects with George Street approximately 500m south whilst access to the M1 Motorway is approximately 2.5km to the south via the Pacific Highway.

Hornsby has been identified as a Strategic Centre in the NSW Government’s “A Plan for Growing Sydney” released in December 2014. Key priorities of this strategic centre in the plan includes working with council to provide capacity for additional mixed-use development in Hornsby including offices, retail, services and housing.

As the northern gateway of the Sydney Metropolitan area, Hornsby will also reap the positive benefits of the NorthConnex project which is a twin tunnel linking the M1 and M2 under Pennant Hills Road”.

108 George Street, Hornsby is being offered to the open market by way of Expressions of Interest through Savills and Knight Frank, closing Thursday, 1 June 2017 at 5pm (AEST).

Click here to learn more about Savills Capital Transactions.

 
 

Key Contacts

Matthew Dunn

Matthew Dunn

Director
Capital Transactions

Savills Sydney

+61 (0) 2 8215 8930

 

Tim Grosmann

Tim Grosmann

Director
Capital Transactions

Savills Sydney

+61 (0) 2 8913 4818