News & Research

Sale Of A Super Site

With Sydney Cityscope uncovering $1.1 billion worth of sales in the past three months the sale of a CBD super site certainly contributed to this result.

Kirk Tsihlis and his TrueGreen Positive Impact Group amassed the 2,143 sqm site over several years. The properties included Clarence House at 104 Clarence Street, two five-storey buildings built circa 1885; Rockliff Chambers at 50 King Street, a nine-level office building of 2,130 sqm; Company Director House at 71 York Street, comprising units 1 to 12, built as a warehouse circa 1888 and Cassa Commerciale House at 73 York Street, Sydney, a five-storey office and stores building, built circa 1890.

The properties have been bought by JH Clarence #2 Pty Ltd, a company owned by Justin Hemmes of the Merivale group. Mr Hemmes didn’t need to buy the property at 75 York Street as, with great foresight, his family had bought that in 1993. Whereby previous mooted plans included a $1.8 billion eco tower of 49 storeys the area could now become an entertainment precinct with the heritage buildings refurbished and new restaurants and upmarket venues installed.

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