A prominent landmark on Sydney’s Lower North Shore is set to attract a wave of high-net-worth private interest after coming to market.
An Art Deco icon that was built in 1938 during a construction boom within the region, the highly recognisable Willoughby House located at 425-429 Pacific Highway is primed to take advantage of the precinct’s ever-growing demand.
With an elevated highly visible corner position at the well known ‘Fiveways’ intersection, the building’s unique Inter-War Functionalist style makes the façade instantly stand out, while a multimillion-dollar refurbishment throughout the entire building adds to the appeal.
Located just moments from the highly anticipated metro rail line in a key growth corridor, the building comes with a diverse income stream from a range of tenants across numerous sectors.
The Colliers team of Miron Solomons and Tom Appleby are marketing the property, in-conjunction with Nick Lowry of CI Australia, on behalf of the vendor Fivex, with price expectations of circa $20 million.
“Set atop Crows Nest’s highest point, this highly renowned five-storey building benefits from its defensive fully leased income profile and secure long-term covenants with prized CPI annual rental increases. We expect to see a strong level of enquiry, as it will undoubtedly appeal to a vast array of astute investors seeking a prized asset,” Mr Solomons said.
“Next year’s Metro Station opening, compounded with approximately 5,258 new dwellings forecasted to be developed over the next five years, are both set to perpetuate Crows Nest’s transformation in the years to come,” Mr Appleby added.
“Opportunities to purchase freehold assets in tightly held markets with as much private and public infrastructure as Crows Nest are few and far between. Willoughby House presents as the best in its class and is 200m from the Crows Nest Metro due to be operational in 2024,” Mr Lowry said.
The building has an impressive tenancy profile that includes, QMS Media, Group Homes Australia, Turka Café, Meze & Bar, Portfolio Hair Salon and That Agency, with an estimated gross passing income of approximately $1.03 million per annum. It also has a site area of approximately 207sqm and a net lettable area of around 743sqm.
Surrounded by an abundance of amenity, the building is passed by approximately 30,000 vehicles on average daily and is a short walk from rail and bus links.
425-429 Pacific Highway, Crows Nest is for sale via public auction on Thursday June 29, commencing at 10.30am.
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