90 Crown Street marks record sale
The recent sale of 90 Crown Street Wollongong for $43.9 million saw a new record set for the Wollongong commercial property market. The sale achieved a rate of $4786 per square metre, with the Department of Human Services and Roads & Maritime Services recently renewing their leases on the premises. According to Knight Frank's Director Commercial Sales NSW, Richard Garland, Wollongong is a strong and fast-growing market. "There is a strong rental market in Wollongong's commercial sector, with positive effective rental growth," Mr Garland said.
In other property news, the David Jones site at the corner of Crown and Church Streets is now for sale following the decision to relocate the department store to Wollongong Central. The property includes 3503 sq m land area over two sites comprises 8998 sq m of retail space and a five-level car park building and basement storage of 6993 sq m. Agents for the sale highlight the multi-faceted potential of the property, with options for prospective buyers including owning and occupying the property, with the benefit of a large flexible floor space; re-positioning the asset or fully redeveloping the site. For more details, see the Sydney Morning Herald's Property section.