This article is from the Australian Property Journal archive
QUALITAS has banked around $100 million from the sale of the future flagship store of luxury fashion brand Hermes, within the heritage Trust Building in The Rocks.
A private investor from Sydney’s eastern suburbs purchased the four floors, which are currently being converted into two levels and fitted out for Hermes.
The 12-storey strata building at 155-159 King St is on the corner of Castlereagh St and was home to the offices of The Daily Telegraph from 1916 to 1929, and following a renovation was bought by the Bank of New South Wales – now Westpac – in 1936.
The newly sold stake had been bought by property investor and retailer Gennaro Autore’s Graaf in 2015, before the company hit financial difficulties and a received was appointed in 2016.
Qualitas reportedly funded the building’s recent circa-$30 million refurbishment. The company’s website says it “provided a total capitalisation solution and development management services to assist the owner with the significant overhaul and refurbishment of the building, in order to accommodate the repositioning of the heritage space into a flagship store for a global retail fashion house”.
