A freehold heritage commercial building on the doorstep of Sydney’s Circular Quay is being taken to the market.
The building at 18 Bulletin Place, which occupies a 164sqm site, was erected prior to 1880 and has an eclectic history including wine making, ironmongery, publishing, manufacturing and hospitality.
Currently only 40 per cent of the 570sqm of net lettable area over four storeys and the basement is occupied, with the sole tenant being Alfredo’s Restaurant, offering an incredible opportunity for both owner occupiers and investors.
Floor plates are flexible and adaptable, averaging 115sqm, with a potential fully leased net income of more than $608,000.
The property is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Andrew Harford, Will Brassil and Georgia Elks on behalf of the vendor, a private Australian investor.
Mr. Harford said the property was a scarce offering, being one of only five freehold assets sub 1000sqm in the northern precinct of the Sydney CBD, north of Hunter Street.
“Assets of this size, location, tenure and unique history seldom come to market, with only one trading in the past 20 years,” he said.
“They are usually cornerstone investments for vendors to pass through generations, only enriching the value as time goes on.
“This is a generational opportunity to acquire an irreplaceable piece of real estate, deeply embedded in Sydney’s urban history.
“The site is now surrounded by some of Australia’s most expensive commercial and residential property, with an abundance of nearby transport nodes combining to solidify the precinct’s relevance for decades to come.”
Mr. Brassil said the predominantly vacant possession opportunity offered buyers a blank canvas opportunity in a transformational precinct.
“This provides the incoming purchaser with the creative control to either utilise the space themselves or capitalise on the inherent demand for boutique heritage space from the Sydney occupier market,” he said.
“The property is in an unrivalled location for existing and future transport services, being close to Sydney’s orbital road network and major public transport hubs including Circular Quay, Wynyard, Martin Place and Barangaroo.
“Accessibility will be further improved with completion of the Martin Place Metro Station, due for completion in late 2024, underpinning capital values long into the future.
“The Circular Quay precinct is undergoing a considerable transformation with more than $8 billion in public and private investment set to underpin the future upside of the immediate vicinity and provide continued value appreciation for assets such as 18 Bulletin Place.”
The Expressions of Interest campaign for the property will close at 4pm (AEST) on Tuesday, July 2.
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