Surry Hills Shopping Village sells for $96m

Ray White Commercial NSW has sold the highly sought after Surry Hills Shopping Village in a deal worth $96million to a Chinese developer.

The sale of the Surry Hills Shopping Village at 2-40 Baptist Street and 397-399 Cleveland Street, Redfern, was advised by Ray White’s Scott Timbrell and Jeff Moxham, who received a total of 11 formal offers at the close of the five week campaign.

The rare offering resulted in a final sale contract with a 100 day settlement, short by industry standards.

“At the close of the campaign we received 11 expressions of interest submissions following and well over 200 enquiries,” said Mr. Timbrell.

“The site offers approximately $4.3million a year in gross passing income from a number of existing tenancies, but the potential for mixed use development is by far the higher and greatest use,” he said.

The site is anchored by Coles supermarket, who currently have the first right of refusal on the sale, according to Mr. Moxham.

“In addition to Coles, the Surry Hills Shopping Village includes a number of popular retail stores including Liquorland, Australia Post and Flight Centre and has been a landmark for the area for the last 30 or so years,” he said.

The site is currently underdeveloped according to Mr. Moxham, “Offering a total land size of approximately 12,322sqm the sale represents one of the largest inner site sales transacted in recent times. It provides for huge opportunity to service the University of Technology and the University of Sydney’s student population,” he said.

Surry Hills Shopping Village previously sold at auction 30 years ago for $6.3million.

The site is expected to be transformed from an older suburban shopping centre to a high profile development, blending residential and retail uses in one of Sydney’s most fashionable areas.