HSBC Building On Church Street Might Sell For $9 Million
An HSBC building in western Sydney might be poised to get at least $9 million for its sale. HSBC’s building is one of the many properties on that strip and previously, Coles super market, located in Sydney’s Earlwood, managed to auction for a whopping $28 million.
Sydney is not aloof to big buildings and incredibly property and it is now being revealed that a commercial building located in the Paramatta of Sydney is expected to sell for a massive amount of $9 million. This amount is nearly its triple from its last sale over 15 years ago. The building was exclusively tenanted by HSBC. It is a big property, with 253 square meters on board. It is situated in the Parramatta’s CBD on the 179 Church Street and contains 400 square meters of proper net lettable area that is spread across two whole levels.
While talking about the building Knight Frank’s selling agents could not come up with a price or disclose a figure. However, sources close to the building and the matter revealed that it is going to sell for $9 million. According to the Domain Group records, the property was initially purchased by a couple in 2002 and they purchased it for $2.29 million. Now, the property is selling for more than triple the amount it was bought for.
The fact that the property has increased in value so greatly over the years shows the fact that commercial buildings that are in demand or located strategically will always gain value, irrespective of how the overall market might be performing.
Even though the owners of the property are making a good profit on its sale from when they bought it in 2002, it is being believed that the owners of the property are selling it now to get some cash. However, it is also being revealed that the site floor space has a ratio of 3:1, which shows that the property is under developed.
According to Mr. Hu, selling agent at Knight Frank, “This is sort of an under developed property. The land on it totals to 750 square meter and there is an additional 350 square meter on the property that can be property utilized”. Moreover, the extra square meters show that there is more value to the property and it can be expected to grow in the coming run as well.
There can also be no development on the property without approval. It has a B4 mixed-use zoning and a building height limit that cannot exceed 24 meters. In March previously, the Westpac Building, that is also located on Church Street, and had 660 square meters, sold for an incredible $14 million. Church Street itself is growing rapidly and has great commercial opportunities as well. This adds to the overall worth of the property located on these streets.
The auction for the building will be happen on July 5th and we are expecting that the building will not sell for any thing less than $9 million.