Icon Oceania Sussex Pty Ltd has purchased two neighbouring mixed use buildings in the heart of Sydney’s Chinatown precinct, a key growth corridor with major redevelopment upside and infrastructure for $21.35million from two separate private investors.
The first property at 319 Sussex Street is a four level freehold mixed use building with a net lettable area of approximately 423sqm on a 132.3 sqm site, with rear lane access with parking for five cars.
The second property at 321-325 Sussex Street comprises three adjacent terraces over five storeys, on an approximate 391 sqm site. The terraces have been integrated and refurbished with internal stairs, concert floor and a lift from basement to level 2, with internal stairs up to level 3.
The sites have a height limit of 50 metres and the B8 zoning means there is potential to develop serviced apartments, residential dwellings, or a hotel/ motel.
The properties are moments from Darling Harbour and Town Hall Station and within walking distance to the new $3 Billion development project “Darling Square” which will provide an array of retail, entertainment amenities and public transport services.
The deal was negotiated by Steam Leung and Jordan Lee at Colliers International who said the new owners is planning to develop a hotel to capitalise in the growth expansion around the Darling Harbour precinct.