First-in-a-century commercial property sale in Sydney’s Chinatown

A three level commercial building in Sydney's Chinatown has sold at auction for $19.9 million.

The property, 82-84 Dixon Street, Haymarket, is on land sized 342sqm and has 14 metres of Dixon Street frontage with a total lettable space of 983sqm.The ground floor features retail spaces, with upper levels retail and residential. Current tenants include the Hingara Chinese Restaurant and Live Crafts Centre.

Dominic Ong, Knight Frank’s head of Asian markets, Australia said the premium location of the Dixon Street property, as well as its redevelopment potential, made it a highly attractive opportunity for investors.

“There were over a hundred people at the auction, with multiple competing bidders," he said.

"Chinatown is a tightly-held area and opportunities like this don’t come along very often.

"The last standalone property to sell on Dixon Street, Pedestrian Lane, was some 30 years ago, and this property has been with the same family for about 100 years."