Located at 227-231 Forest Road, Hurstville, the property is one of the most prominent buildings in the Hurstville CBD, providing excellent income security, being over 99% leased with solid covenant and strong contracted rental growth.
227-231 Forest Road is a freehold four storey mixed use building with ground floor retail shops and upper level commercial space on a land parcel of 543sq m*. The property is centrally located within the Forest Road retail strip adjoining the Hurstville Train Station entry and opposite Westfield Shopping centre.
For sale through Andy Hu and Jordan Lee of Savills Australia, the property represents a rare opportunity to obtain a trophy transport oriented Sydney Metro asset, with multiple cash flow enhancement and redevelopment opportunities (subject to council approvals).
According to Andy Hu, Joint State Head, Asia Markets at Savills Australia, transit hubs are in high demand from retailers due their destination attributes and sheer volumes of captive customer traffic.
“227 Forest Road perfectly encapsulated these transit hub characteristics, with the main access to Hurstville Train Station provided pass by the property - making it one of a kind”.
With a Gross Internal Area of 1,776sq m* and a Net Lettable Area of 1,369sq m* the building is nearly 100% leased building to 14 covid-proof retail tenancies. The diverse tenant mix focuses on F&B,
medical and educational usage. In complement with Hurstville Westfield being 100 metres away.
Jordan Lee, Joint State Head, Asia Markets at Savills Australia said there is substantial surplus development across the Property under the current planning control.
“It is a perfect opportunity to build a retail-oriented commercial tower in this absolute strong location or upgrade the building to maximise rental growth potential, with a height limit of 60 metres.
“This connection to Sydney’s rail and bus networks drives customer foot traffic (approx. 13 million p.a) makes the property less susceptible to retail headwinds and ideally positions the asset from changes to retail consumer habits(i.e., online shopping).
“Further growth is expected in passenger volume after a $600m rail infrastructure upgrade - which will increase the service of Hurstville station by 20%* he said,
Hurstville is a key “Strategic Centre” in South West Sydney under the “Plan for growing Sydney”. It is home to a strong commercial and retail precinct as well as a burgeoning residential trade area.
The Property is formally offered for sale via an Expression of Interest campaign with Savills Australia closing Thursday, 18 November 2021 at 2pm.
*Approximate