Government funding boosts Walsh Bay investment: Colliers International

The recent government funding to Sydney’s Walsh Bay has piqued interest in the area, causing demand for commercial property in the area to increase. 

The Berejiklian government has recently approved $100 million worth of funding for the redevelopment of Pier 2/3 at the Walsh Bay precinct.

Funding for the Pier will create some of the country’s most significant art organisations including the Australian Chamber Orchestra, the Australian Theatre for Young People and Bell Shakespeare.

Colliers International have sold two office investments in Walsh Bay over the past six months; Suite 7 and Suite 8, both at 24 Hickson Road, for over $3.3 million combined.

Suite 7 (pictured below) was sold to the Done Group for a rate of $11,638 per square metre, a record rate for Walsh Bay in 2019. 

“The recent government funding for Sydney’s newest art precinct has piqued interest in Walsh Bay and subsequently we are seeing an influx in demand for commercial space,” said Nick Lumley, Investment Services at Colliers International. 

“Investors and creative businesses are recognising the benefit of being close to this precinct and this is reflected in the activity we are seeing in the area.”