Surry Hills office warehouse conversion sold
A freestanding office warehouse located in Sydney’s tightly held creative precinct, Surry Hills, has changed hands for the first time in over 23 years.
SYDNEY, 13 March 2018 – JLL and SKW Property have negotiated the sale of 63 Ann Street Surry Hills to an undisclosed purchaser. JLL's Steven Tsang and SKW Property's Stephen Wan handled the sale on behalf of Practec Group of Companies.
JLL's Senior Executive, Sales and Investments – NSW, Steven Tsang said, "63 Ann Street is a unique office warehouse conversion in the tightly held Surry Hills office market. The property is a super strategic investment and has a real energetic attraction."
"This kind of office warehouse conversion is really a once in a cycle opportunity. The corner property has been privately held for over 23 years."
Public records reveal 63 Ann Street has been held by related entities of the vendor since 1995.
SKW Property's Director, Stephen Wan said, "Surry Hills is the creative and innovative hub of Sydney. Current occupants of 63 Ann Street are attracted by the boutique space, central location and surrounding amenity."
According to JLL's Office Leasing Executive - NSW, Guy Baseby, "Tenant inquiry across the Sydney CBD Fringe is continuing to increase from the technology, media and professional industry sectors. Ongoing demand for creative and unique office space is driving rents upwards and incentives down.
"We are currently experiencing the lowest vacancy rates ever recorded in the Surry Hills market at 1.3%, and the lowest vacancy rates across all major office markets in Australia."
63 Ann Street is a boutique 2,381 square metre warehouse building, converted in the 1990's, comprising a 3 storey office building with on-site lower ground parking. The property commands a corner position, directly opposite Frog Hollow Reserve with elevated views and is bounded by three street frontages to Ann, Little Riley and Little Albion Street. Its location provides unmatched exposure to the bustling Surry Hills office market.