Property consultancy Savills Australia and New Zealand is exclusively presenting 141–155 Commonwealth Street in Surry Hills – one of the last remaining ground-up development opportunities within Sydney’s Tech Central precinct – on behalf of its client.
Positioned at the convergence of Surry Hills, Tech Central and the Sydney CBD, with triple street frontage to Commonwealth Street, Reservoir Street and Beauchamp Lane, the approximately 913 sqm corner site is ideally suited for a new co-living or purpose-built student accommodation (PBSA) development comprising approximately 100 rooms.
Responding to Sydney’s chronic housing undersupply, rising rents and persistently low vacancy rates, the property presents an exceptional opportunity to deliver institutional-quality urban living within one of Australia’s most connected inner-city precincts.
The site boasts mixed-use zoning with an allowable GFA of approximately 3,012.9 sqm. Further development upside is available through affordable housing floor space bonuses (STCA). It has established planning precedent through current and historical approvals for commercial, student accommodation and hotel uses.
With immediate access to Central Station, Sydney Metro, Tech Central, UTS, the University of Sydney and the Sydney CBD, the site has strong residential demand fundamentals, with 65.4% of Surry Hills households renting and 44.2% of residents aged 25 to 39.
