Surry Hills site sells to local developer with SJB-designed apartment block planned

A local developer has spent $8.585 million on one of the last remaining super prime vacant sites in the Eastern Suburbs.

The block, which is estimated to cost just shy of $11 million to build, will comprise 24 apartments, ground floor retail and 13 basement parking spaces.

The vacant site on the corner of Flinders and South Dowling Street went under the hammer with a reserve of $6.85 million.

Bidding opened at a lowball $6 million.

After bidding went past $7 million there were 30 bids before the hammer fell.

Richardson & Wrench Ryde City agent Conor Arnold described the 117 Flinders Street sale as a remarkable result that showed developers were back in business.

“We had seven registered bidders, four active and all of them confident to put some serious money on the table,” Arnold said.

“This was a trophy location close to Oxford St, the Sydney Cricket Ground, Light Rail and Moore Park, so it’s easy to see why it was in such hot demand."