Auswin TWT spend $96 million in Surry Hills, Sydney
Auswin TWT has emerged as the $96 million buyer of the Surry Hills Shopping Village.
Located at the corner of Cleveland and Baptist Street, Redfer, the sale reflect a yield of 4.48%.
The local, but Chinese-backed developer Auswin TWT are also converting Tabcorp’s long-standing Sydney headquarters in Ultimo into a $78 million Woods Bagot-designed apartment and retail complex.
The Surry Hills neighbourhood shopping mall is anchored by Coles. The 1.519 hectare site has mixed use zoning and has redevelopment potential for 300 apartments with a ground floor shopping complex.
Property Observer reported it had been sold for around $100 million late last month.
The vendor bought it for $6.3 million 30 years ago when it was a mall on the old Wunderlich factory site.
It was listed through Scott Timbrell and Jeff Moxham of Ray White Commercial with a current gross passing income from a number of tenancies of $4.3 million a year.
It was 1992 when the shop owners at Redfern Mall voted to change the name to Average rent.
Although the site is technically in Redfern, shop owners believed they were missing out on business because of geographical confusion.
