Cushman & Wakefield is pleased to exclusively present for sale a 100% freehold strata interest in 23 O’Connell Street, Sydney.

A tightly held boutique asset in the heart of the Financial Core, positioned for SME demand and rental growth. Now separate from the consolidated site, the asset offers long-term value creation through repositioning and resetting the existing leasing profile towards a longer-term income base.

Located opposite the future Hunter Street Metro West Station (opening 2032) and 300m from the existing Metro, 23 O’Connell Street offers prime access to transport, retail and commercial infrastructure in Sydney’s most desired precinct. Supported by a strong, diverse income profile, the asset is tailored to Sydney’s deep SME occupier pool and well positioned to capture incoming growth.

Investment Highlights:

• A 100% freehold strata interest (100% unit entitlement in SP63932 and SP69914) on a 462sqm site, delivering 4,264.2sqm of NLA, including 650sqm of retail and 12 basement storage lots, with SP5 Metropolitan Centre zoning and an 8:1 FSR

• Scarce freehold offering: one of only 13 boutique B-Grade assets in the Financial Core not already held for redevelopment, with 78,600sqm of Financial Core stock already earmarked for conversion, redevelopment or amalgamation

• Boutique side-core floorplates averaging ~328sqm, with split-floor flexibility at 92% NLA efficiency, tailored to Sydney’s deep SME occupier pool, with 44% of leasing enquiry seeking floorplates under 500sqm

• At the doorstep of unprecedented transformation, opposite the future Hunter Street Metro West Station (opening 2032) and 300m from the existing Metro, benefiting from $15bn+ of investment in infrastructure and amenity

• Compelling leasing and repositioning upside, with passing rents ~23% below market and a potential net income of $1.89m p.a. when fully leased, compared with a net passing income of $0.91m p.a.

• Core net effective rents have grown at a five-year CAGR of 8.0% and are forecast to grow a further 6.3% p.a. over the next five years (CBRE Research)

• Strong street retail presence, with a rooftop terrace offering striking CBD views that appeal to the SME occupier pool

• Strong, diverse income profile across a broad tenant base, with no single tenant contributing more than 13.7% of gross passing income

• Multiple exit strategies, including a passive income hold, targeted repositioning, owner occupation of part or whole, or a strata sell-down, with comparable CBD strata transactions achieving in excess of $15,000psm

• Opportunity to acquire in-one-line with 16 Spring Street, creating a 923sqm combined site with dual street frontages and access between Spring and O’Connell Streets

A 100% freehold strata interest in 23 O’Connell Street, Sydney, is being offered by way of an International Expression of Interest (EOI) process, either individually or in-one-line with 16 Spring Street, closing at 4:00pm (AEDT) on Thursday 26 November 2026.