This article is from the Australian Property Journal archive
A 1938-built Art Deco landmark on Sydney’s Lower North Shore is set to attract a wave of high-net-worth private interest when it goes to auction later this month with expectations of circa $20 million.
Formerly the OJ Williams store, the highly recognisable Inter-War Functionalist style Willoughby House is located at 425-429 Pacific Highway in an elevated, highly visible corner position at the well-known “fiveways” intersection and has recently undergone a multi-million refurbishment by vendor Fivex.
It sold in 2017 for $8.9 million.
Colliers’ Miron Solomons and Tom Appleby are marketing the property in conjunction with Nick Lowry of CI Australia.
Located just 200 metres from the forthcoming Metro rail line, the building comes with a diverse income stream from a range of tenants across numerous sectors, including QMS Media, Group Homes Australia, Turka Café, Meze & Bar, Portfolio Hair Salon and That Agency, with an estimated gross passing income of $1.03 million per annum.
It has a site area of approximately 207 sqm and a net lettable area of around 743 sqm.
“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,” Solomons said.
“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.”
The new Metro station will be opening next year and approximately 5,258 new dwellings are forecast to be developed over the next five years in the area.
“Opportunities to purchase freehold assets in tightly held markets with as much private and public infrastructure as Crows Nest are few and far between,” Lowry said.
Willoughby House is passed by about 30,000 vehicles on average each day.
It goes to auction on Thursday, 29th June at 10.30am.
