Australia

The commercial building at 413-415 Sussex Street know as Dixon House in Sydney one of the CBD major streets and Chinatown’s main thoroughfare was acquired in 2018.

The location is a dynamic and established retail precinct that benefits from heavy pedestrian traffic day and night. Properties in this area are generally tightly held and rarely become available.so this purchase provided a unique opportunity to acquire a property in this prime location. Located in the heart of the Southern CBD precinct, Haymarket continues to benefit from increasing levels of demand from office users, residents, investors and developers.

Haymarket and the surrounding Central Precinct is now a recognised Innovation & Technology Precinct. With leasing demand from STEM businesses (Science, Technology, Engineering & Mathematics) now outstripping the finance and insurance sectors, office demand in Haymarket has grown significantly year-on-year and will continue to do so with limited new office supply planned.

The property is well service by public transport and is close to central rail station and the newly opened light rail station at Chinatown. It is also interesting to note that the 3 main universities in Sydney are in close proximity to this property.

The six-storey 2490-square-metre corner property on an 871 sqm site is home to a basement food hall, three levels of shops and office suites on the third and fourth floors.

In June 2019, the adjoining property at 82-84 Dixon Street was acquired. The property has lettable area of 983sqm over ground and 2 upper floors. The acquisition of this property provided an opportunity to consolidate the 350sqm site with the Dixon House site and increase the development envelope potential of the combined site. 82-84 Dixon Street is of historical significance being an early residence for early Chinese settlers in Sydney.

Discussions are currently underway with the local council with the intention to redevelop the combined site into a 10652 sqm building designed as a 4 level podium which will provide innovative dinning and retail experiences and on top a 11-storey tower providing student accommodation for over 300 students to take advantage of the proximity to the major universities. Our architects PTW have designed this building to provide a new level of energy and connectivity, harmony and productivity as its location demands.

There is already great interest in this building, and we are confident that will be a great attraction and provide a major highlight for CBD southern sector as well as providing a lasting legacy for future generations. It is anticipated that construction of this innovative building could start by mid-2021 with completion in 2023. This development would provide the heart of Haymarket in this transformed precinct.