19 Foster Street, Surry Hills was purchased for $39.5 million in March 2019 and is 100% leased to a number of quality commercial and retail tenants.
Strategically situated in Surry Hills, close to Sydney CBD, the property has frontages to both Foster Street and Wentworth Avenue. Major transport infrastructure improvements in the immediate vicinity including the Central Station upgrade, the Sydney Metro City and South West project and the CBD and South East Light Rail expansion will ensure the location remains highly sought-after.
19 Foster Street is a five-story building comprising approximately 3,154 sqm of office and retail space. Originally constructed in 1916 there has been a number of office upgrades and refurbishments undertaken to provide modern contemporary office and retail accommodation with high ceilings, polished concrete floors and exposed brickwork.
Fully leased, the tenants include The Guardian, TKD Architects, Pike Withers, Schiavello, Wilkhahn and Kvadrat Maharam.
The property has a forecast average yield of 5.06% for the first six years commencing at 4.33% in 2019 and rising to 5.63% in 2024.