Crows Nest site bought by Chinese developer for $22 million

Crows Nest site bought by Chinese developer for $22 million
Crows Nest site bought by Chinese developer for $22 million

One of the largest single-hold pieces of land in Crows Nest in Sydney’s North Shore precinct has been snapped up by a locally-based Chinese developer for $22 million.

The 39-47 Albany Street property is currently the headquarters of Warner Music Australia Pty Ltd until 2022.

It was sold on a yield of nearly 4 percent.

The medium-term development site sold at a yield of circa 4%. 

The sale was managed by Knight Frank on behalf of a local fund manager Pindan Capital to Sun Property.

The state government’s proposed new train station will only increase the density and development of the area, added Hu.

The property is zoned B4 Mixed Use, with a Weighted Average Lease Expiry of 4.5 years, and has a net lettable area of 3,286 square metres.

The property is also situated within minutes’ walk to the Crows Nest retail precinct; the proposed railway station; Crows Nest Plaza and Woolworths supermarket. 

Established in 2010, Sun Property focuses on development projects in Sydney’s Lower North Shore is currently working on nine projects. 

Tags: 
Sydney Commercial Sale

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