Work on the expansion of Sydney Metro is well underway; as a result, it has bolstered interest in the suburb of Crows Nest.
Pacific Highway and the suburb’s high-street properties have already seen a benefit to the transport growth, according to Ray White’s Between the Lines research.
“There’s no doubt the Sydney Metro extension will have a huge impact, with the area expected to profit immensely due to the completion of the Crows Nest Metro Line by 2024,” Ray White Commercial NSW Sydney North director Scott Stephens said.
“We’re excited for this project to be completed and anticipate it will reinvigorate these local strips and bring vibrancy back to an otherwise dreary Pacific Highway.”
Commercial confidence has already started to flow into the community, as JAX Tyres recently decided to locate its corporate headquarters in the community.
Ray White has also secured another lease with Vet Partners, which has signed a 10-year deal with rent starting at $245,000.
There is a mixed quality of property across Crows Nest, and many owners have wisely invested in CapEX and been creative in repurposing spaces.
“Ray White Commercial have completed a primary research survey of this region and have identified 317 shopfronts totalling 38,376 square metre with a total vacancy of 11.3 per cent,” Ray White head of research Vanessa Rader said.
“This precinct is likely to be the greatest to benefit from the metro rail link to reactivate the high number of vacancies, providing a mix of food and services to cater for the various users of the metro throughout the day.
“Quality assets along Pacific Highway average gross face rents of approximately $725-$775 per square metre, while those in the suburban Willoughby Road precinct are achieving closer to $1,000 per square metre gross.”