491-493 Elizabeth Street
Surry Hills, NSW 2010

Overview

491-493 Elizabeth Street, Surry Hills

Located at 491-493 Elizabeth Street in the vibrant suburb of Surry Hills, Sydney, this exceptional property presents a rare opportunity to acquire a substantial mixed-use building in one of the city's most promising growth corridors. The property occupies approximately 1,195.50 square meters of land and spans five storeys, offering a versatile space suitable for a variety of commercial and residential uses.

Situated just 500 meters from Central Station, the building benefits from excellent transport connectivity, making it highly accessible for tenants and visitors alike. The location is poised to become a central hub for technology and innovation, with the nearby 'Tech Central' precinct set to be Australia's largest tech and innovation hub. This development will provide 250,000 square meters of space for technology companies and startups, anchored by the global tech giant Atlassian, supported by a significant government investment of $48.2 million.

The building itself is constructed of solid brick and concrete, resting on an underutilized footprint with significant potential for airspace development subject to council approval. Zoned B4, the site allows for increased building heights up to 22 meters, aligning with the surrounding area's planned enhancements including improved public spaces as part of the Atlassian technology hub expansion. This precinct is expected to transform the area from Central Station to Cleveland Street at Redfern, introducing a dynamic mix of offices, boutique retail, dining, and cafes.

Internally, the property comprises a mezzanine office and commercial showroom on the ground floor, three levels of premium office space, and a full-floor private penthouse residence. The building is set back behind a secure gated courtyard and features a grand New York-style granite lobby with double entry doors and secure lift access to all floors. Commercial-grade tinted windows, zoned ducted air-conditioning, and high-quality internal acoustic treatments enhance the building's functionality and comfort.

The office floors have been upgraded with high-quality fit-outs, offering a variety of layouts including lock-up executive suites, partitioned offices, meeting and board rooms, staff amenities, storage, and communal areas. The ground floor showroom enjoys prominent street frontage with direct courtyard access, ideal for retail or client-facing businesses. The office spaces above are well-suited to a range of tenants including legal firms, accounting practices, government agencies, consultancies, media companies, financial services, and creative enterprises.

The penthouse, originally a three-bedroom floor plan, has been converted into a bespoke one-bedroom residence designed for luxury corporate entertaining or private living. It features a wraparound terrace with northeast to west aspects, offering close-up city views including the iconic Centrepoint Tower. The residence includes generous living areas, a large kitchen, two bathrooms with an ensuite and spa bath, ample storage, and is finished with interior decorator appointments. Outdoor amenities include a barbecue area and an infrared sauna on the terrace, providing an exceptional lifestyle experience.

Additional features of the property include an upgraded CCTV security system, monitored alarm, refurbished stairwells, and secure undercover parking for over five vehicles. A high-clearance loading dock with rear access from Little Buckingham Street facilitates logistics and deliveries. The location is further enhanced by proximity to Central Station, light rail, and bus services connecting to all parts of Sydney including domestic and international airports. Nearby amenities include Prince Alfred Park Aquatic Centre, the Chinatown district, and the central business district at Martin Place.

This property represents a unique and extraordinary investment opportunity with excellent potential for capital growth and rental returns in a rapidly developing precinct. Its combination of commercial and residential components, prime location, and future development prospects make it a standout offering in Sydney's real estate market.

Location