99-103 Kippax Street Surry Hills is fully occupied by two well-established tenants with a combined net income of $277,520.86. the Ground floor is currently leased to a fashion company as the showroom/ retail space and level 1 is occupied by the renowned leading hair agency Edwards and Co.
For sale through Jordan Lee, Michael Hui and Andy Hu of Savills Australia, the property sits on a 200sqm* site with a Net Lettable Area of 370sqm* and is currently tenanted, with major tenants including Edwards & Co, Paper Heart and White Closet and is earning excellent annual returns.
According to Jordan Lee, Joint State Head, Asia Markets at Savills Australia, the property has a maximum permissible building height of 22 metres and maximum FSR of 4:1 and the potential for a maximum GFA of 800 sqm (STCA).
“With Zoning B4 – Mixed Use, the property offers a wide variety of options to purchasers including undertaking refurbishment works to the existing improvements or redevelopment of the land to potentially drive an increase in rents, numerous uses can be explored (STCA)” he said.
Michael Hui, Sales Executive, Asia Markets at Savills Australia said the property boasts street frontages of 11 meters* along Kippax St and 11 meters* along Uther St and is close to Central Station and the burgeoning tech hub.
Recently been voted as Sydney’s coolest neighbourhood, Surry Hills is a sought-after suburb on the fringe of Sydney CBD, with a good selection of shops, vibrant eateries, and creative companies. Excellent transport facilities are available and interconnects to the rest of Sydney.
“The CBD and South East Light Rail is a new light rail network for Sydney, with passenger services now operating on both the L2 Randwick Line and L3 Kingsford Line.
“The 12km route features 19 stops, extending from Circular Quay along George Street to Central Station, through Surry Hills to Moore Park, then to Kensington and Kingsford via Anzac Parade and Randwick via Alison Road and High Street” he said.
Tech Central is another huge drawcard for the area, which is estimated to provide up to 250,000 square metres of space for technology start ups and scaleups companies.
According to the NSW Government, a funding package of $48.2 million has already kick-started development while tech giant Atlassian has confirmed as the anchor tenant by locating its headquarters in the precinct, bringing over 4,000 employees.
Major construction work is also well underway at Central Station to deliver Sydney Metro, including the new Central Walk, as progress continues on major infrastructure projects across NSW.
As part of the biggest upgrade to Sydney’s busiest railway station in decades, two new underground metro platforms are being built as well as the landmark Central Walk underground concourse, which will make it easier for customers to connect between light rail, suburban and inter-city trains, the new Sydney Metro and buses.
99-103 Kippax Street Surry Hills is being offered for sale via public auction on 25th November 2021
*Approximate