Large, underdeveloped shopping centre in Sydney expected to draw huge interest

Thirty years ago Surry Hills Shopping Village sold at auction for (the then very high price of) $6.3 million to a private investor. This month, it will hit the market again with expectations of over 15 times that original sale amount.

The redevelopment potential of the Village will see it transformed from an older suburban shopping centre to a significant mixed use development site in the epicentre of Sydney’s inner city population growth and fashionable Surry Hills area.

The Surry Hills Shopping Village at 2-40 Baptist Street and 397-399 Cleveland Street, Redfern, is being exclusively marketed via expression of interest by Scott Timbrell and Jeff Moxham of Ray White Commercial NSW on behalf of a private investor.

“The sale of such a large high-profile city fringe site is an extremely rare offering,” Scott Timbrell said.

“The site offers a gross passing income from a number of tenancies of approximately $4.3 million a year.”

It is underpinned by a significantly underdeveloped parcel of land totalling approximately 12,322sqm.

Scott Timbrell said the site is two kilometres from the city centre and in close proximity to the tertiary education hubs.

“It has proximity to Sydney University, the University of Technology and TAFE NSW as well as the booming employment hubs of Australian Technology Park and the $8 billion Green Square commercial and urban renewal centre.”

Sydney Local Environment Plan (LEP) 2012 provides for mixed use development (STCA) with a floor space ratio (FSR) of 2:1 for 2-38 Baptist St and 397-399 Cleveland St with an FSR of 1.25:1 for 40 Baptist St at the rear of the site.

According to Jeff Moxham, these parcels of land provide an exceptional development opportunity in a high growth location.

“It is currently a multi-tenanted commercial shopping centre,” Jeff Moxham said.

“Anchored by a Coles supermarket, it encompasses a number of popular retail stores including Liquorland, Australia Post and Flight Centre and an open air carpark with 145 car spaces,” he said.

Expressions of interest close at 3pm (AEDT) on Wednesday 14th April, 2015.