Fashion houses sew up South Sydney sites
Fashion houses are on the move throughout South Sydney with George Fashion the most recent to join a line of designers securing new spaces after selling their Mascot base for $8.7 million.
George, which will downsize from its 1834sqm Ricketty Street site, intends to find a new base in South Sydney, joining industry peers including:
- Camilla – the designer print house pre-committed to 2,400sqm warehouse and office facility in Bowden Street, Alexandria;
- Zimmermann – re-signed their five-year lease at 120 Hayes Road, Rosebery, and;
- Zara – actively seeking a creative warehouse and office base, also in South Sydney.
LJ Hooker Commercial South Sydney’s Marcus Schraag and Daniel O’Brien secured the off-market sale of the Ricketty Street address, situated only 500 metres from Sydney Airport.
“The seller identified the opportunity to downsize and capitalise on the redevelopment opportunities which much of South Sydney has reaped through rezonings,” said Mr Schraag.
“The site offers redevelopment opportunities of up to 14 storeys and its frontage to one of Mascot’s arterials ensured it was very well received by investors and developers wanting to get into the precinct.”
Mr Schraag said the seller, alongside many other fashion houses, appreciated South Sydney’s proximity to the airport, CBD and distribution nodes and intends to stay in the precinct in the long term.
“South Sydney’s gentrification and the transformation of many industrial strips into restaurants and cafes has established a vibrant and artistic environment which has provided an attractive backdrop for creatives,” he said.
The seller will remain as a tenant in the facility for the coming months.
LJ Hooker Commercial’s latest Industrial Market Monitor found demand for light industrial space in South Sydney was ramping up because of residential rezonings and efficiencies offered by both the airport, Port of Botany and West Connex.