320 Sussex Street Property Sale

  • 320 Sussex Street Property Sale

    320 Sussex Street Property Sale

Project details: 

APP assists the Sydney Bethel Union find new accommodation for its mission to Seafarers

The Sydney Bethel Union provides the accommodation needs for the Mission to Seafarers, in its premises known as Flying Angel House, located at 320 Sussex Street, Sydney.

The Union, as Trustee, owned the building but the Mission to Seafarers, which provided the facilities to visiting seafarers, required only a portion of the building. APP was engaged to advise on viable accommodation alternatives for the Mission.

The study identified the Mission’s accommodation needs, and looked for ways to optimise the Trust’s financial position through rental, sub-division or divestment of the property.

APP undertook market research, and provided advice that took into account the property valuation and building condition report previously commissioned by APP. The recommendation to the Union was that they should sell the building through an Expression of Interest process whereby the Mission would retain occupancy until other accommodation was found that was suitable for the Union’s activities.

The Sydney Bethel Union accepted APP’s advice, and sold the Sussex Street property for $4.75M in September 2011. APP continues to work with Sydney Bethel Union as their Property Advisor for the relocation of the Mission to Seafarers to new premises.

Project summary: 

  • Client: Sydney Bethel Union
  • Value: $4.5m
  • Services: Real Estate, Property Advisory, Market Research
  • Sectors: Real Estate, Commercial
  • Location: Sydney CBD
 

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