A LANDMARK mixed-use freehold building in Randwick will hit the market for the first time ever after being owned by the same family for nearly 90 years.
The two-storey property, known as ‘The Clock Terraces’ with its imposing clocktower and Italianate terrazzo, sits on a 486sq m corner site at 387 Avoca Street, also having frontage to Holmes Street.
The building, which occupies a high-profile position at the junction of Randwick, Maroubra and Kingsford, presents two ground-floor shops, two two-bedroom apartments and one large three- bedroom terrace, and is a registered heritage landmark.
It is owned by the descendants of Mick Adams, who built the property. Mr Adams emigrated to Australia from Greece in the 1920s and is considered to be the founder of milk bars, being the first person in the world to open a venue focusing exclusively on milkshakes, bought from a bar and consumed standing up without food to accompany.
Mr Adams opened the Black and White 4d milk bar at Sydney’s Martin Place in 1932, which sold milkshakes and sodas, and went on to open chains of the milk bar around the country, with the concept subsequently becoming a phenomenon both nationwide and abroad.
In the 1930s he commissioned 387 Avoca St, and installed a milk bar in one of the shops named the Red Lantern Milk Bar.
The property is now occupied by two commercial tenants well known within the local community, with the pizza restaurant being an institution amongst locals and the CTC tobacconist underpinned by its national reputation and service.
The asset will now be sold via auction following a campaign run by Anthony Pirrottina, Demi Carigliano and James-Masselos of Knight Frank.
Mr Pirrottina said the opportunity to secure a landmark building, never being offered to the market previously, was a once in a generation offering.
“387 Avoca Street is an iconic property with stunning heritage components and has been a staple of the immediate surrounds, having serviced the local community for a number of decades,” he said.
“This property commands a significant corner position and benefits from its high exposure location in the eastern suburbs.
“Randwick is a popular suburb within Sydney’s elusive eastern suburbs and is underpinned by its central location and abundance of transport, retail and entertainment amenity.
“This site is within walking distance of Sydney’s most famous beaches and universities.
“Sydney’s Eastern suburbs remain one of the most resilient and sought-after markets in Australia, with opportunities to secure assets with repositioning and value-add potential remaining difficult to come across.”
Mr Masselos said an added attraction for buyers was the endless repositioning potential of the asset.
“This can be realised through refurbishing the asset to unlock future rental potential in both the residential and commercial components of the property,” he said.
“There is also genuine scope for future additions to the rear half of each terrace to realise the full potential of the site.
“In addition, the property benefits from a development approval for its subdivision into three separate lots, providing the opportunity for an investor or developer to reposition the assets and sell down individually if required.
“In the meantime an incoming purchaser will have a secure and passive investment with the current tenants providing short-term holding income.”
The property will be auctioned at 10.30am on Thursday 3rd March 2022 at the Cooley Auction Centre in Sydney CBD.
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