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A piece of The Rocks history hits market

Property Markets / Transactions

Australia / Sydney

Oct 22 2018

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The former Rawson Institute for Seamen building has hit the market in Sydney, presenting buyers with an exceptional investment opportunity in one of Australia’s most exciting and enduring tourist spots. 

Savills Australia’s David Hickey, Nick Tuxworth and Tom Tuxworth have been appointed to sell the four-level building at 100 George Street, The Rocks, saying the offering was “highly exclusive”.

“Vacant Sydney CBD buildings are as rare as hens’ teeth in the commercial property market so the owners have decided to take full advantage of the current market conditions and divest,” Mr Hickey said. 

The ground floor is leased long term to Appetito Restaurant for 22 years and generates a total rental income of $614,937 per annum. 

Mr Hickey said that buyers would have the flexibility in orchestrating multiple uses for the remaining three levels, while maximising rental income. 

“We feel the property provides a blank canvas for investors, alternative property syndicators and hotel operators, to reposition and activate the former Bar 100 into a venue or working space that the public is screaming for in The Rocks,” he said.

“The building underwent $16million worth of capital upgrades in 2010 and is fully fitted out for bar, restaurant and function centre purposes, with other options possible due to the substantial building area, including retail, office or childcare facilities.” 

Nestled at the foot of the Sydney Harbour Bridge, Mr Hickey said the building enjoyed a prominent position within close proximity of the city’s infrastructure boom.   

“The northern end of the CBD is undergoing major infrastructure works, including residential, hotel, office and retail development, which will service strong trade and significant pedestrian foot traffic,” he said.  

“About 2.7 million international and domestic overnight guests visited The Rocks in 2017 and this building occupies 23 metres of frontage across George Street and 26 metres across Circular Quay Way, positioning it to really capitalise on the passers-by.” 

International expressions of interest close Thursday, November 15,, 2018, at 4pm. 

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