Skip Ribbon Commands
Skip to main content

News release


South Sydney owner-occupiers shift further south

A mixed-use development site at 707 Elizabeth Street, Waterloo is announced for sale; current longstanding owner-occupier NSW Leather set to move south

​SYDNEY, 5 MARCH 2015 – South Sydney owner-occupiers are taking advantage of market conditions, selling at attractive prices and relocating further south or south west. 

The latest is owner-occupier NSW Leather, who is currently located in a well-known, mixed-use development site situated in a sought-after corner location at 707 Elizabeth Street, Waterloo. 

NSW Leather has occupied the property for approximately 30 years, and is now taking the opportunity to sell and shift further south – taking advantage of current levels of developer demand for residential development sites in South Sydney.

JLL’s Head of Metropolitan Sales and Investments for NSW, Sam Brewer, and JLL’s Head of South Sydney, Blair Peterken, will manage the sale. 

The property at 707 Elizabeth Street, Waterloo is a north-facing 1,423 square metre development site, zoned B4 mixed use, with the potential for 3,130 square metres of Gross Floor Area (GFA). 

According to Mr Peterken, “We have seen numerous examples of owner occupiers taking advantage of the market and selling their sites to developers then relocating to more affordable areas – usually further south or south west.

“A prime example of this is NSW Leather who has already purchased its new premises and will gain from the current development site pricing in the area.

“NSW Leather purchased its new industrial property prior to putting its existing site on the market. This strategy is indicative of how strong the demand is in South Sydney for residential development sites. NSW Leather will be able to move straight into its new premises without the potential down time caused by selling first and finding a new property later. It’s a smart move.” 

JLL’s Senior Executive Edward Washer and Mr Peterken negotiated the deal for NSW Leather’s new premises. NSW Leather has purchased a new warehouse and showroom facility in Banksmeadow from Bavodi Pty Limited. 

Mr Peterken said owner-occupier Swarovski has also taken the opportunity to move south. “Swarovski sold their building at 12 Primrose Avenue, Rosebery for $8 million through JLL in 2014, and relocated to The Woolstores in Alexandria. They were able to take advantage of strong residential development site prices and move into another great facility that suited them functionally and stylistically.

“We’re seeing owner-occupiers first look further south in South Sydney, and if that’s not achievable, the next best option is to look south-west along the M5. We expect this to be a trend in 2015,” said Mr Peterken.

NSW Leather is the second-last owner-occupier of four properties located on the same Waterloo block. Recently, JLL sold the property on the corner of Bourke and Elizabeth Streets for $46.6 million. Previously, JLL also sold the adjoining property at 713-721 Elizabeth Street for $12.5 million. Aside from 707 Elizabeth Street, the only property remaining is The Nut Shop on the corner of George, Elizabeth and Bourke Streets.

According to Mr Brewer, “This block is highly sought after by investors seeking land for residential development in South Sydney. We are expecting strong interest from both local and overseas investors for 707 Elizabeth Street. We continue to experience strong demand from developers for sites in South Sydney – especially close to public transport and amenity.”