This article is from the Australian Property Journal archive
THE historic three-storey Victorian terrace home to the recently-closed iconic Watters Gallery in Sydney’s Darlinghurst has sold under the hammer for $5.505 million.
Colliers’ Miron Solomons, Matt Pontey and Nick Lumley sold the 230 sqm building at 109 Riley Street, on the corner of Stanley Lane.
Until its closure in December, the gallery was renowned for introducing new artists onto the scene. It was owned and operated by Frank Watters and Geoffrey and Alexandra Legge since 1964, who have now moved into retirement.
Frank Watters has lived above the gallery since 1970. Substantial extensions to the rear of the building were carried out by Walter Barda Design in 2010.
“109 Riley Street has significant historic value in Sydney, as it dates from a key period of Darlinghurst development during the subdivision of grand estates into residential and commercial development,” Solomons said.
The building was originally used as a boot warehouse, from 1858 to 1862, then used as retail space and also operated as a hotel before being converted to an art gallery by architect Don Gazzard.
Pontey said the now-affluent suburb of Darlinghurst is considered a contemporary urban precinct, blended with a balance of historical Sydney sites and renowned for its theatre, intriguing galleries and culinary dining.
“There is a high level of demand in this area with limited properties being traded every year; planned developments coupled with limited commercial transactions in the Sydney market has peaked recent interest in Darlinghurst, including creative and tech companies seeking limited quality spaces within the city fringe market.”
Australian Property Journal
