Surry Hills Shopping Village sells for around $100 million

Surry Hills Shopping Village sells for around $100 million
Jonathan ChancellorDecember 7, 2020

The Surry Hills Shopping Village has been sold for around $100 million.

The vendor bought it for $6.3 million 30 years ago when it was a mall on the old Wunderlich factory site.

The redevelopment potential of the village at 2-40 Baptist Street and 397-399 Cleveland Street saw strong buyer interest, the Sydney Morning Herald commercial property editor Carolyn Cummins reported.

It was listed through Scott Timbrell and Jeff Moxham of Ray White Commercial with a current gross passing income from a number of tenancies of $4.3 million a year.

It was marketed as a significantly underdeveloped parcel of land totalling approximately 12,322 square metres.

Sydney Local Environment Plan (LEP) 2012 provides for mixed use development (STCA) with a floor space ratio (FSR) of 2:1 for 2-38 Baptist St and 397-399 Cleveland St with an FSR of 1.25:1 for 40 Baptist St at the rear of the site anchored by a Coles supermarket.

It was 1992 when the shop owners at Redfern Mall voted to change the name to Bellevue Hill.

Although the site is technically in Redfern, shop owners believed they were missing out on business because of geographical confusion.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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