Real Estate

Historic CBD property hits the market

Written by The ReReport
As seen in the Source link, written by news.com.au on 2019-05-23 14:05:05

Keen investors or companies looking to snap up a prime site in the heart of Sydney have been given a rare opportunity.

Steeped in history, a striking commercial site in Haymarket which brings in more than $770,000 a year is selling for the first time in almost 20 years.

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Barracks for the Salvation Army were built on the Goulburn St site in 1885 and it later became the charity’s meeting hall.

A century later, following a 1960s sale, the property was transformed and operated as the China Town Twin Cinema.

CBRE agent Gemma Isgro said the theatre portion, which makes up around 1000 sqm of internal space, had been vacant for years and was “waiting to take on a new life”.

Despite having two unused storeys, the 563 sqm block of land with 1519 sqm of floor space currently has four retail tenants.

The mixed use site has hit the market via an expressions of interest campaign. CoreLogic records reveal the property, at No. 27-33, last sold in 2000 for $3.95 million.

Ms Isgro said it has since been held by one owner, a family, and is fast piquing the interest of a number of potential buyers.

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“We have multiple hospitality groups currently looking at it; at one stage the property was a restaurant therefore will allow this again under existing use rights.

However, we believe creative office space would derive a strong return.”

The central site is close to Chinatown, World Square, parks and a number of popular hotels.