60-64 Reservoir Street, Surry Hills NSW 2010

SOLD
$8,100,000
X SqM

This sensational corner freehold building is in one of Surry Hill’s best locations, close to Sydney’s CBD and Central Railway Station, the building is under rented and with the right refurbishment in some cases the rents can be doubled.

A rough diamond that has had a few failed starts with large education tenants leasing the entire building and with changes to the legislation and governance, going into receivership, subsequently the building became a patch work quilt of tenants with no threshold for rents or income proofing the buildings future.

The building has passing income of approximately $600,000 and can be increased nearly 30% with the right refurbishment works.

RESULT: Sold in July 2014 to a private investor who took the refurbishment advice and stripped each floor back to warehouse style, subsequently tenants such as Air BNB were secured for their Sydney HQ. Rents were increased over 30% as suggested.