The beautiful and historic former John Taylor Wool stores at 137 Pyrmont Street that has stood on its virtual island site for 130 years has come to market for the first time in over three decades.
Holding a commanding presence on the corner of Pyrmont Street, Pyrmont Bridge Road and Gipps Street, the thoroughly modern interior of the building offers views of the Sydney CBD and plenty of natural light. Of particular appeal is its location directly opposite the new Pyrmont Metro–West station.
The beautifully transformed former industrial building is being offered for sale by JLL’s James Aroney and Mitch Noonan.
JLL Senior Director, Capital Markets – NSW Mr. Aroney said the irreplaceable location is a 750m walk to Sydney CBD via Pyrmont Bridge, 300m to the Darling Harbour foreshore and less than 450m to The Western Distributor with excellent public transport access.
“The solid brick building is steeped in rich history and benefits from polished concrete floors, cast iron columns, exposed timber ceilings, timber framed windows and a saw tooth roof.
“Offering 4,780 sqm (NLA) of floorspace with 4 sides of light, modern end-of-trip facilities and secure basement car parking for 18 cars, the building mixes modern and historic with New York architectural style,” he said.
Mr. Aroney said 50% of the floorspace is leased to global advertising agency TBWA Worldwide providing a solid income stream for purchasers.
“This is close to a once in a lifetime investment as a building offering this much character in such a prime location is rarely offered to the market. The current owners have held this gem for 35 years,” he said.
Mr. Noonan said the Pyrmont area is characterised by high barriers to entry through fragmented & generational ownership, proximity to the CBD and is boosted by strong leasing demand from the media, creative and technology industries.
“137 Pyrmont Street is a rare, high quality, character-filled warehouse office building in one of Australia’s best performing and most tightly held office markets.
“The City Fringe market recorded one of the lowest office vacancy rates nationally at 7.7% at Q2 2023,” he said.
Mr. Noonan said 137 Pyrmont Street provides a combination of secure cash flow and various ownership options.
“The existing vacancy could accommodate owner occupiers or present options to enhance leasing performance through full floor or spec suite offerings,” he said.
A 100% Freehold interest in 137 Pyrmont Street, Pyrmont is for sale by Expressions of Interest closing on Thursday 9th November 2023 at 3:00pm (AEDT).