THE PROPERTY DEVELOPMENT REVIEW
Knight Frank’s Andrew Harford said the new strata space would fill a gap in the market left by the compulsory acquisition by the New South Wales Government of eleven buildings in the CBD. This was announced last year to pave way for the Sydney Metro Western line. “Owner occupiers displaced by the acquisitions commencing at the end of 2022, will be looking for alternative space for their offices,” he said. “There is also strong demand in the market from occupiers reducing their space requirements following COVID, including for those who are now living or working remotely but still want a CBD-based space for days they need to be in the city.” Mr Harford continued “The Merchant is an opportunity to give businesses a chance to own a slice of the CBD, in a precinct dominated by Institutional owners, at a time when there is a dwindling supply of strata space. As such, we expect buyer competition for these suites to be extremely strong.”
The suites range in size from 36sq m to 113sq m and are a follow up to W Property’s previous success at 350 George Street, a project that is now selling for $30,000/sqm - the most expensive commercial strata space in Australia. “We have a wait list of buyers for 350 George Street, with very few owners wanting to sell,” W Property’s Michael Williams stated “That provides strong evidence that there is high demand for quality strata space in the Sydney CBD, and hence why we have decided to do the nearby project at Hosking Place.” Mr. Williams continued “We have modelled Merchant off 350 George Street, but we have added many more shared facilities for occupiers, as well as balconies. The strata space in Merchant will also be more affordable than the heritage building at 350 George Street, at circa $20,000 per square metre, so we anticipate strong buyer demand when it launches to the market next month.” The suites at the Merchant are in a prized location in the heart of Sydney’s financial core at 3 Hosking Place which further enhances their appeal. They are now selling with a starting price of $792,000 and are being marketed by Andrew Harford and Jessen O’Sullivan of Knight Frank in conjunction with Tim Noonan and Ben Kennedy of Noonan Property.
April / May 2022 – 23
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