North Sydney Asset Snapped Up By Offshore Private Investor

31 July 2017

A private offshore investor has snapped up a landmark, free-standing building over 11 levels and approximately 6,023.1sq m of net lettable area, with a scheme for 70 apartments for $60 million on a sub 5.5 per cent yield.

Located at 8 West Street, the B Grade property commands a land area of approximately 1,815sq m and was sold by Neil Cooke, Stuart Cox and Tim Grosmann of Savills and Nicholas Heaton, Scott Gray Spencer and Sharon Yang of CBRE, on behalf of Property Bank Australia and Security Capital Corporation.
 
According to Neil Cooke, Director of Residential Site Sales at Savills, the concept drawings prepared for this Lower North Shore elevated site provide for 70 high end residential apartments and four retail suites within a 13 level building benefitting from two existing basement levels providing 71 car parking spaces.
 
“Perched upon the highest elevation within North Sydney, these apartments will capture panoramic district and harbour views. The conversion will offer an ideal mix of 1, 2 & 3 bedroom penthouse apartments (STCA) providing an indicative GFA of 6,900sq m” he said.

2016 saw the premium apartment market defined by record breaking sales, with sales rates achieving in excess of $40,000 per sqm in the Lower North Shore.
 
Mr Cooke went on to say that with the significant redevelopment of North Sydney, very few sites can provide this level of amenity, proximity to the Sydney CBD and new metro rail coupled with panoramic views to all elevations.  

The offices currently return an annual rental income of $3.2 million and the property attracted strong interest from local and offshore investors and was sold in less than two months of the listing.

Click here to learn more about Savills Residential Site Sales.

 
 

Key Contacts

Neil Cooke

Neil Cooke

Director
Residential Site Sales

Savills Sydney

+61 (0) 2 8215 8834

 

Stuart Cox

Stuart Cox

Director
Residential Site Sales

Savills Sydney

+61 (0) 2 8215 8810