Site approved for office development in Sydney's Mascot listed: Savills
An office site marked for development in Sydney’s Mascot is set to hit the market through Savills, amid a lack of quality approved sites for office buildings and strong occupancy in the Sydney CBD.
The 12,602 sqm site comprising 7, 9, 14, 16, 18-21 Chalmers Crescent is one of the largest urban business park sites in greater Sydney, according to listing agents Matthew Dunn and Tim Grosmann of Savills.
The site has approval for almost 34,000 sqm of net lettable area.
The offering comes at a time when conversion of commercial to residential schemes has put greater pressure on suburban office proposals and the evolving scarcity of employment land is a major issue for greater Sydney, say Savills.
The Mascot site is well connected, with the train station close and near to the proposed WestConnex St Peters Interchange. It is also close to Sydney Airport.
The approved scheme for commercial offices with 37,805 sqm gross floor area (GFA) across four office towers which will rise 44 metres above Chalmers Crescent.
The approved towers are set on top of a landscaped podium with lobby access and service retail to each tower with car parking.
“Green” roof tops allow for the recycling of grey water.
“The urban renewal of Mascot and Green Square together with Alexandria and St Peters has created a major workforce within close proximity, with the area further poised for strong growth,” Matthew Dunn said.
“Recent transactions of commercial assets in the immediate Mascot precinct have totalled close to half a billion and have been purchased on investment yields from low 5% to low 6% reflecting the strong demand for quality investment assets in the area.”
The South Sydney area and especially Mascot has turned into an important office market, particularly for those in the logistics and transport sectors, due to its proximity to the CBD, added Tim Grosmann.
He expects keen interest from developers due to the site’s strong leasing fundamentals.
The site is near to shops, with Woolworths and 17 specialty shops at Mascot Central retail precinct and major retailers such as Bunnings IKEA, Officeworks and Bing Lee, all nearby.
The site is being sold through an expression of interest campaign closing June 21.
