News & Research

South Sydney Bonanza

As the industrial and logistics markets flourished in the Covid lockdowns, the results are reflected in the huge increase in sales in the areas covered by South Sydney Cityscope. Cityscope shows that $652 million of sales were transacted in the last quarter compared to $330 million in the previous quarter and $215 million in the quarter before that.

Included in this bonanza was a lockdown favourite, Bunnings. The Bunnings store at Hillsdale has a building area of 11,820 sqm with 421 car parking spaces. It was completed in early 2017 and sold to theNewmark Hardware Trust for $75 million.

Gateway 241 at241A O'Riordan Street, Mascot was bought by Savills Investment Management for $151.5 million. The building is a 12-storey office building with four basement car parking levels (401 spaces) and a cafe on the ground floor. It has a net lettable area of over 19,000 sqm and its major tenants include Coates Hire, AbbVie, Landis+Gyr and Lagardere Travel.

In Alexandria,17 O'Riordan Street was sold for $159 million to two Charter Hall entities. The 12,000 sqm property is a four-storey commercial building with warehouse and laboratory facilities plus a single level of basement parking for 97 cars. It is fully occupied by Australian Red Cross Blood Services and last traded at $112.9 million in 2016.

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