But agents say the players with available cash will be able
to get some good properties at extremely attractive prices.
Already a number of private property developers and
investors have been quietly buying up small buildings in the CBD and fringe
areas and are likely to continue.
The investors say the unlisted property trust market remains
buoyant as cash is more available from high net-worth clients who prefer the
smaller end of the property sector rather than the listed property trust
businesses.
One site being offered is a commercial building in Redfern
by CB Richard Ellis on behalf of
Peter Holmes a Court, the executive chairman of the South Sydney Rabbitohs.
The two-storey commercial/industrial property has a net
lettable area of about 1570 square metres and is located on the southern side
of Redfern Street
between George and Pitt Streets.
An associate director of CBRE, Daniel O’Brien, said he
expected the property would be highly sought after by developers.
“It’s a quality property in a tightly held market where
little has been offered in the past 24 months. There is considerable activity
in Redfern at present, with Redfern
Park and the South Sydney
Rabbitohs’ training centre being redeveloped and Redfern Street in the process of being
upgraded.”
Another significant boost for the area will be the $123
million media hub being developed at the Australian Technology
Park, which is already
home to Pacific Magazines and Channel Seven. This is expected to bring in up to
2000 permanent jobs and increase business in the area, indicating a growing
confidence in Redfern’s future, Mr O’Brien said.
“This is a landmark project for Redfern, and we expect
a growing number of companies will look to leverage off the back of this and
other new developments in the area.”
The public auction for 107 Redfern Street will be held on
Thursday, May 29. The auction will be co-ordinated by Mr O’Brien and Stuart
Rodriguez, also of CBRE
http://business.smh.com.au/auction-flurry-keen-prices-for-the-cashedup/20080418-274v.html