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United Overseas Bank

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The Challenge

1 Dixon Street, Darling Harbour comprises of circa 2006 built mixed use retail and commercial strata suites located within a shopping complex known as “Number One Dixon”. The property is situated in the Chinatown precinct of the Sydney CBD and is concentrated over three levels comprising of a mix of leased and vacant lots of varying sizes. The property also contains a monorail station.

The Solution

A valuer with specialised commercial, retail and market knowledge was subsequently appointed to carry-out the valuations. A detailed sales, rental and market analysis was undertaken on surrounding properties.

The valuer formed a professional and open relationship with the client which enabled ease of communication throughout the valuation process.

A professional manner and outlook, as well as strong market knowledge provided a strong base upon which to carry-out the valuation and to reach the market value of each of the properties.
The ability to deliver the report in a short time frame.

The Results

The property is situated within the Sydney CBD, being on the western side of Dixon Street at its intersection with Goulburn Street, in the Chinatown precinct.

Dixon Street at this point is a pedestrian only plaza. Town Hall Station is located 200 metres to the north of the subject property, with Central Station being approximately 500 metres to the south.

Chinatown is located in the southern precinct of the Sydney CBD with surrounding development comprising of predominately high rise commercial buildings, many with retail premises at street level. Darling Harbour entertainment precinct and Haymarket are within close proximity.
Valuation based on both income potential of the subject divided by a market yield rate and by the sales comparison approach, by which a unit of comparison was extracted to apply a value.

It was determined that the current use of the property was in fact the highest and best use.