This article is from the Australian Property Journal archive
LESS than two months after the Kirribilli Club was placed into voluntary administration, its Sydney harbourside headquarters at Milsons Point with “endless” potential have been tipped to the market, offered for the first time with vacant possession.
The 7,900 sqm stratum property, Lot 1 at 11-23 Harbourview Crescent, extends over ground, mezzanine, and first levels, plus two levels of basement car parking for 64 cars and a commercial loading dock. Currently, it features two kitchens and bars, a cocktail lounge, conference facilities, and function rooms.
The property’s mixed-use zoning allows for various alternate uses such as commercial premises, residential, educational facilities, medical facilities, gym, hospitality, or a combination of uses across multiple levels.
Stadia Capital, which bought the property just two years ago for $22.8 million, increased the rent of the struggling Kirribilli Club to more than $2 million per annum, lumped on top of $1 million in other building expenses. That prompted the board the embark on the mission of buying back the property to relocated to an affordable location nearby, and asked its 18,000-plus members to buy a “debenture certificate” for $2,000.
However, within three months the club had been placed in voluntary administration.
Stadia Capital is expecting a figure in the mid $30 millions, JLL selling agents told Australian Property Journal.
“We’ve had everyone from people looking to buy it as a house, to convert it to residential, to use it as another hospitality venue, to use as a showroom. It’s got a lot of flexibility,” JLL’s Willem Watson told the publication.
“It could be a really awesome office, it could make an amazing house
“It’s endless.”
Watson has the listing with colleagues James Barber, Andrew Rojek, Kate MacDonald and Simon Quinn.
Milsons Point overlooks Lavender Bay on Sydney’s Lower North Shore. The property offers sweeping views, along the Sydney Harbour foreshore and toward the Sydney Harbour Bridge and CBD skyline.
“Milsons Point is renowned for its high-end luxury residential apartments that achieve premium sale prices due to the proximity to the Sydney CBD, transport options, access to the harbour foreshore and stunning views,” Watson said.
Public transport networks nearby include Milsons Point station, Milsons Point Wharf and local bus stops which provide direct access to Sydney CBD and North Sydney.
Expressions of interest close on 29th August.
