Real Estate

buy a piano shop for 4 4m or half of one for 2 2 million

Written by The ReReport

The Hutchings Piano shop in two properties at 5 and 7 Edgecliff Rd, Woollahra, are listed with a price guide of $2.2 million each

A LANDMARK piano store in Woollahra is expected to sell to the tune of $4.4 million when it goes to auction on November 3.
The Hutchings Piano shop in two properties at 5 Edgecliff Rd and 7 Edgecliff Rd — which are listed with a price guide of $2.2 million each — can be bought in one line or together through Dean Jarman, principal of Ray White Paddington.
Musician Reg Hutchings and his wife Pat moved to a humble flat above a hairdressing salon in the early 1950s, but when he heard the hairdresser was moving on, the news was music to his ears.

Hutchings Pianos

“When the salon moved in 1955, Reg Hutchings Piano Studio was born,” said his daughter Wendy Hutchings, managing director of Hutchings Pianos.
Initially the space was a teaching studio, but it eventually grew to become the Hutchings Pianos of today which caters to players of all ages and levels.
Ms Hutchings said in the early days, her family lived behind and above the shop, which sits just opposite Cooper Park.

The back of the Edgecliff Rd properties in Woollahra

“As a child, one of my fondest memories is how my grandmother would take me every day to the park when she walked her dog,” she said.
“Reg and Pat had five children, Terry, Wendy, Greg, Rodney and Amanda, all of whom have worked in the family business at some stage.
“This is a family business in the truest sense of the phrase,” she said, adding that the future of the business depends on just who buys the adjoining terraces.

The stylish living areas

Mr Jarman said: “Both 5 and 7 Edgecliff Road individually have the potential for multi-tenant occupation (STCA) and the great possibility of between 4 to 6 per cent gross returns.
“Each property providing its own lock up garaging is also a rarity in the eastern suburbs,” he added.
The total land size measures just under 400sq m and the properties are zoned of R3 Medium Density Residential.
“The properties appeal to many buyer groups including families looking to invest either individually or jointly, business owners who are wanting their living and working lives to mesh, superannuation fund buyers or simply pure property investors,” Mr Jarman said.

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