This article is from the Australian Property Journal archive
A CIRCULAR Quay building pre-dating 1880 that has been used for wine marking, ironmongery, publishing, manufacturing and hospitality has come to the market, with the potential to return more than $600,000 in yearly rent.
Currently, the sole tenant of the four-storey, 570 sqm building at 18 Bulletin Place is Alfredo’s restaurant, in the basement tenancy. Floor plates average 115 sqm, presenting an opportunity for both owner occupiers or investors.
Fully leased net income could be more than $608,000, according to listing agents Andrew Harford, Will Brassil and Georgia Elks of Knight Frank, who are representing a private investor.
Harford said the property was a scarce offering, being one of only five freehold assets sub-1,000 sqm in the northern precinct of the Sydney CBD, north of Hunter Street.
“Assets of this size, location, tenure and unique history seldom come to market, with only one trading in the past 20 years,” he said.
“They are usually cornerstone investments for vendors to pass through generations, only enriching the value as time goes on.
“This is a generational opportunity to acquire an irreplaceable piece of real estate, deeply embedded in Sydney’s urban history.”
Brassil said the predominantly vacant possession opportunity offered buyers a blank canvas opportunity in a transformational precinct.
“This provides the incoming purchaser with the creative control to either utilise the space themselves or capitalise on the inherent demand for boutique heritage space from the Sydney occupier market,” he said.
“The property is in an unrivalled location for existing and future transport services, being close to Sydney’s orbital road network and major public transport hubs including Circular Quay, Wynyard, Martin Place and Barangaroo.
Accessibility in the precinct will be improved with the completion of the Martin Place Metro Station later this year 2024.
Expressions of interest close Tuesday, 2nd July.
