New South Wales

The $125m that developers paid for a Sydney hotel sounds expensive, but wait until you hear what the new apartments there are going to sell for.

Double Bay’s Savoy Hotel has sold for $35m to Anthony Scali, managing director of the furniture giant Nick Scali, in a hushed-up off-market deal.

Australian-Korean investment and fund manager Inmark Asset Management is moving to capitalise on global demand for long-leased office assets by putting the national Woolworths headquarters in Sydney’s northwest on the block for more than $400 million.

Sydney’s commercial market is also heating up with one property investor paying an incredible price to secure an Adidas outlet store in Lidcombe.

A wealthy Sydney family spent more than $15 million on two service stations as high-net-worth investors filled up commercial property leased to blue-chip tenants in a $94.3 million portfolio auction.

Technology companies are expected to throw their weight behind a dedicated precinct next to Sydney’s Central Station, with software company Atlassian being joined by three of the country’s top developers in building a cluster of towers. Atlassian’s Scott Farquhar and Mike Cannon-Brookes have led the push for technology precinct.

Former cel­ebrity chef Pete Evans has made another property move in Byron Bay, splashing $1m on a surprising new venture.

Buyers are making a bee line  for “pandemic proof” healthcare and medical properties as enquiries ratchet up across the commercial sector.

Buyers agents Tas Costi and Simon Cohen have launched a new business purely focused on sourcing commercial property amid ‘huge’ demand.