Presenting the perfect opportunity for investors to purchase a piece of history in one of Sydney’s most vibrant and bustling retail strips, 287-291 King Street, Newtown, is up for sale via auction.
Built in the late 1800s to early 1900s, the 724sqm mixed-use trophy building comprises two retail shops, office consulting rooms, and nine apartments.
Ray White Commercial Western Sydney managing director Peter Vines said the property offered a stable mix of income from both residential and commercial tenants.
“The location of this asset is incredible and is 170 metres from Newtown Station and moments from RPA Hospital, Sydney Uni and Sydney CBD,” Mr Vines said.
“The property will offer investors to add value and reposition in the future for example furnishing the units and renting them out as short term accommodation at much higher weekly or nightly rates or converting these to one bedroom units.
“Properties like this are often passed on through generations.”
Commercial tenants also have access to onsite parking which is included on the title, with a six car carpark located to the rear of the building.
The major tenant is a health food supermarket which Ray White Commercial Western Sydney agent Joseph Assaf said suited the area’s “bohemian and alternative vibe”.
“Newtown’s nightlife has really benefited from the lockout laws in other parts of Sydney and is equipped to deal with late trading hours.
“It has some amazing street art and is located just next to the iconic “I have a dream” mural. Mr Assaf said.
Located among trendy clothing, antique, and alternate boutiques, Ray White Commercial Western Sydney agent Victor Sheu said 287-291 King Street held a desirable spot in the popular suburb.
“King Street stretches between Newtown and St Peters, however the most prized location is where this property is located, around the junction of King Street and Enmore Road,” Mr Sheu said.
“It has by far the highest volume of foot traffic being right next to the station.”
The property will be sold via auction on September 30.
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Media contacts:
Peter Vines
Managing director
Ray White Commercial Western Sydney
0449 857 100
peter.vines@raywhite.com
Cassandra Glover
Media advisor
Ray White Group
0447 000 472
cglover@raywhite.com
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