City of Sydney sells unoccupied Stockton House, Darlinghurst for $7 million

The City of Sydney has sold Stockton House in Darlinghurst for around $7 million. 

Miron Solomons, Matt Pontey and Nick Lumley of Colliers sold the property at 73-75 William Street in Darlinghurst, close to Hyde Park on the city fringe.

The three level, 908 square metre building is currently unoccupied, presenting an attractive opportunity to reposition the building and to take advantage of the exceptional position, the agents said. 

“The campaign attracted significant and strong interest with over 80 inspections of the property from a range of developers, investors and owner occupiers both onshore and off,” said Miron Solomons, National Director, Investment Services at Colliers International.  

“Ultimately, the price and unconditional terms proposed by the successful candidate were acceptable to the City of Sydney and has delivered an exceptionally strong result for the City and future of William Street.”  

The sale of Stockton House has delivered a timely outcome for the City as the city fringe commercial office market continues to experience some of the strongest trading conditions with vacancy rates some of the lowest experienced in years, Matt Pontey, Manager at Colliers International said.

“The outcome and candidate that has been successful, will deliver a beautifully appointed commercial asset to the city fringe that will present a unique offering to the leasing market,” said Pontey. 

“This building is a complete blank canvas and a value-add proposition which explains the high interest in this well-located, quality asset.

“There is strong demand for commercial property in the city fringe, evidenced by the auction of Watters Gallery which we sold at auction two months ago for $5.5 million.”