Seatech Industrial Pty Limited, a private high net worth Chinese company, has purchased a two-level, mixed-use freehold city fringe warehouse building in the Sydney suburb of Chippendale for $4.8 million.

Situated 2.4 kilometres from the CBD, the 259 square metre site at 18 City Road comprises approximately 450 square metres of net lettable area and benefits from B4 zoning, which allows mixed-use and student accommodation development

At a glance:

•  Savills Australia's Tom Tuxworth, David Hickey and Nick Lower have negotiated the sale of 18 City Road, Sydney to Seatech Industrial for $4.8 million.
•  The site comprises approximately 450 square metres of net lettable area and benefits from B4 zoning, which allows mixed-use and student accommodation development.
• The deal reflected a market equated yield of 3.75 per cent.

The property also boasts prime City Road frontage, the potential to strata subdivide (STCA), dual street frontage, and proximity to top Australian universities UTS, Sydney University and Notre Dame.

The deal, which reflected a market equated yield of 3.75 per cent was negotiated by Tom Tuxworth, David Hickey and Nick Lower of Savills Australia.

Mr Tuxworth said the campaign, which had a focus on sourcing buyers locally, nationally and internationally, generated more than 200 enquiries, with 84 inspections and 24 contracts issued. 

“More than 55 per cent of buyers were sourced through the extensive network of the Savills Asian Services Team," he said.

"The enquiries were from buyers looking for a prominent, highly sought-after and strategic location within the booming city fringe and fast developing cosmopolitan suburb of Chippendale."

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