Chiu gives up, sells Old Sydney Town property

Richard Chiu, the Paris based owner of the former Old Sydney Town property at Somersby has put it on the market through agents CBRE with Expressions of Interest closing Thursday 15th March 2018.

The property at 945 Old Pacific Highway Somersby consists of five adjoining parcels totalling 120.14 Ha which includes the former Old Sydney Town site and the Australian Reptile Park zoned E4 – Environmental Living and E2 – Environmental Conservation.

The Australian Reptile Park is on a 5.4 Ha site with entry from Myoora Road, Somersby and is leased for 70 years from 1997 at a current rental of $94,000 p.a.

The subject property adjoins the Somersby Industrial Area. It is the largest site with industrial development potential on the Central Coast.

Mr Chiu’s Warwick Amusements Pty Ltd leased the property including the Old Sydney Town operation from the NSW Government in 1987 and subsequently acquired it in 2000 for a reported $2.6 million.  It closed in 2003.