Commercial strata waterfront sale breaks records

A prime waterfront commercial strata office in Walsh Bay has just sold for $14,600,000 crowning it as Australia’s largest commercial strata waterfront sale and Sydney’s largest strata sale transaction in 2021.

The prestigious waterfront office comprising 887m2 and 10 car spaces in the highly acclaimed Shore Studios development (Mirvac c2004) features three expansive window frontages and spectacular views of Sydney Harbour from every angle.

The sale price equates to $16,460 per sqm, making it the highest rate per sqm ever sold for any commercial strata office in Shore Studios and a 22.38% uplift since the last sale in early 2020.

Noonan Property director, Tim Noonan, who handed the transaction on behalf of Arcap Pty Limited said the successful sale was testament to the true rarity of such a unique commercial offering with buyers being attracted by spectacular harbour views as well as the positive foreseeable future for the Walsh Bay precinct.

“Walsh Bay is already such a vibrant area and a monumental piece of Sydney history. With the imminent completion of Barangaroo and the Sydney Metro Rail line both within walking distance, it’s only getting stronger and buyers are eager to capitalise on property investments in the area while they can.” Mr Noonan says

“The marketing campaign attracted more than 100 inquiries from local and international buyers but ultimately it was a local Sydney buyer who secured the property. The buyer, a leading accounting and business advisory firm, could see great potential in owning such a unique Australian strata asset and they have plans of moving their office headquarters to the waterfront precinct in 2022”

Overall buyer demand for commercial strata offices in Sydney, particularly from owner occupiers, remains strong and property values are continuing to rise on the back of record low interest rates and the limited supply of quality properties available for sale.

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