Hyde Park sale: Sydney office market runs hot

Office markets continue to go from strength to strength.

Sydney’s office market continues to run hot with the Mah family emerging as the buyer of a $90.8 million complex opposite Hyde Park while another nearby site that could sustain a major hotel development has hit the block.

The Mah family have bought 299 Elizabeth St, adding to their adjoining holding of 287 Elizabeth St, giving them a commanding position on the Hyde Park boulevard.

The deal was brokered by Knight Frank’s Dominic Ong, Andy Hu and John Bowie Wilson and JLL’s James Aroney and Steven Tsang. They declined to comment.

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The complex consists of about 5974sqm of space, including a ground-floor retail space and office space from levels 1-11. It complements the 12-storey, B-grade building at No. 287, and a longer-term redevelopment could include both towers.

The area has been running hot with interests associated with China Wu Yi to undertake a project at a site bought last year in nearby Commonwealth Street for $70.5 million.

Now developers are eyeing off the offer of 371-375 Pitt St and 116-120 Liverpool St as the adjacent buildings hold development potential and could win bids of about $110 million.

They are being handled by Knight Frank’s Bowie Wilson, Ong, Jonathan Vaughan and Tim Holtsbaum.

This article originally appeared on www.theaustralian.com.au/property.