News Blog - TGC News
SCIENTOLOGISTS OFFER UP RARE SITE IN POPULAR BROADWAY LOCATION
The Sydney headquarters of the Church of Scientology at 19-37 Greek Street, Glebe, will be taken to market this month. Exclusive selling agents TGC and LJ Hooker Commercial are expecting the scarcity of inner-city freehold commercial buildings, in addition to Broadway’s popularity, to drive strong interest.
The 4,566 sq metre building has been home to the Church’s operations for many years and has been a place of both worship and education. The Church are moving to a much larger premises later this year, located at the former Government Acoustic Lab in Chatswood.
Offered with vacant possession, the site’s location and features make it a ‘blank canvas’ which would appeal to developers tapping into the suburb’s booming creative commercial tenants and owner-occupiers.
Set over four levels, the property has a net lettable area in excess of 4,000sqm, on 1,339 sqm of land, and when combined with its inner-city location and mixed use zoning, it is ripe for redevelopment.
Competition for the property is expected to be very high as a result of limited freehold offerings in the CBD and Fringe. The Sydney apartment development upswing, site amalgamations and compulsory building acquisitions from the Metro Rail project are all contributing to this increased demand from developers, owner-occupiers and investors alike.
The Broadway area is currently undergoing a rejuvenation. Nearby, Mirvac is undertaking a $55 million upgrade of its Broadway Shopping Centre; listed Singaporean developer Roxy Pacific has purchased two sites off Bay Street for $67.38 million; and Denwol is developing the Mezzo Apartments on the corner of Bay Street and Wentworth Park Road.
Scot Roberston of TGC said; “We have secured a significant number of off-market transactions through the southern city fringe in the past 12-18 months. Investors and developers, both domestic and international, are keenly trying to hunt out freehold sites with development upside.”
Offers are invited to be submitted for 19-37 Greek Street Glebe via EOI by COB Thursday 8th September 2016.
For more information or to arrange an inspection contact TGC’s selling agents:
SCOTT ROBERTSON – 0417 779 988
SEAN DOOLAN – 0403 775 985