Eastern Suburbs retail icon hits market for first time in three decades7 March 2022
The boutique Queens Court retail complex within Sydney’s exclusive Woollahra Village has been listed for sale for the first time in almost 30 years and is expected to fetch in excess of $40 million.
Being taken to market by CBRE, Queens Court is a unique and prominent retail asset, occupying a rare 682sqm landmark site on the high street of the tightly held Woollahra Village, just 3.5km east of the Sydney CBD.
The centre sits at the intersection of Queen and Moncur Streets and is home to a mix of seven boutique and luxury tenants, around a central outdoor courtyard, which the popular Luxe Café anchors.
Queens Court provides a secure cashflow, underpinned by its retail mix and 13 car spaces. The net annual income of $1.2m is subject to an attractive 3.0% per annum inbuilt rental growth.
“The opportunity to acquire such a retail asset in this location is rare,” Mr Douglas said.
“It’s extremely difficult to develop or amalgamate such a large and absolute core landholding in Woollahra, where retail tenant and residential demand far outweighs supply, and ensures strong future capital value appreciation.”
Per capita and household incomes within Queens Court’s primary trading area are 88% and 49% above the Sydney metropolitan benchmark respectively.
The centre of fashion, arts and antique trade in Sydney’s east, the Woollahra Village shopping strip also attracts visitors from all over the city and tourists alike.
Near Oxford Street and Centennial Park, Queens Court is serviced by public transport including a bus stop directly outside the centre on Moncur Street.
“Occupier and investor interest will see this as an opportunity to invest in one of Australia’s most prestigious, affluent and tightly-held locations,” Mr Rooney added.