Developers have their sights on Sydney’s fringe district

Located on the corner of Crown and Goulburn streets, it comprises five levels of retail and commercial, a garden and rooftop terraces.

Mr Woodward, national director of capital markets at Colliers International, said the building’s location on the cusp of Darlinghurst and Surry Hills is convenient for access to the CBD.

Mr Mitchell, associate director of capital markets at Colliers, said the Sydney CBD fringe is changing into a commercial hub.

«Previously viewed as just a sub-market of the CBD, it is fast becoming a focus for investment groups, as tenants flock to the area,» Mr Mitchell said.

It is designed by SJB Architects, and CBD fringe developer Luke Calpis from Freehold Capital said the project was innovative.

A substantial accommodation block on the border of Redfern and Surry Hills has also hit the market, through Colliers International and McGees Property.

Located at 745-747 South Dowling Street, it is a three-storey, freehold asset consisting of a 23-room accommodation site.

Miron Solomons, Matt Pontey and Nick Lumley of Colliers are marketing the property which will be offered with a flexible operating structure.

It will incorporate a demolition clause allowing owner-operators the opportunity to take the keys and maximise cash flow.

The agent said with the proposed structure, they anticipate interest across multiple buyer profiles ranging from investors to owner-occupiers including student accommodation and boarding house operators.

The same agents are also selling the City of Sydney-owned asset at 73-75 William Street,  Darlinghurst.

Located close to Hyde Park on the city fringe, the three-level, 908 sq m building is currently unoccupied and zoned B4 mixed-use.

Mr Solomons, national director of investment services at Colliers, said he expects interest from businesses such as restaurants, boutique hotels, co-working spaces or a corporate headquarters for a medium to large firm.

The pending sale comes as the City of Sydney last week bought Customs House from the Commonwealth Department of Finance, having leased and managed the building since 1994.

No price was disclosed, but lord mayor Clover Moore said she was «delighted it will remain in public hands».

«We will now look at how we can improve the building to ensure it remains a valuable community asset for generations to come,» Cr Moore said.

Carolyn Cummins is Commercial Property Editor for The Sydney Morning Herald.

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