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Eastern Suburbs trophy asset on the market for the first time in 70 years

2a14a Queen Street Woollahra

Located on the corner of Queen Street and Oxford Street in Woollahra, 2a-14a Queen Street is one of the most recognisable buildings in Sydney’s Eastern Suburbs. On the market for the first time in 70 years, ‘Centennial Flats’ will offer investors an attractive mix of stunning residential apartments and tightly held premier retail shops.

This prominent building has been immaculately maintained with its original Spanish Mission features cared for beautifully. It is truly rare to find a building of this era, in this extraordinary condition,” Matt Pontey, Director Investment Services at Colliers, explains. “The defensive mix of retail and residential is particularly attractive in the current market and the rents have held throughout the pandemic with renewed leases.”

Heading to auction on the 21st of October at 10:30am with auctioneer Damien Cooley, the Colliers team predicts the result will push the upper limits of any auction held this year. Industry sources are tipping that the building could likely fetch up to $20m based on other comparable sales.

“Eastern Suburbs trophy assets have remained highly sought-after as high-net-worth individuals look to invest, searching for stabilised and risk free income streams underpinned by capital growth,” Miron Solomons, National Director Investment Services at Colliers, says.There is a strong expectation that whilst we remain in this low interest rate environment, the economy is set to boom. This has been demonstrated with a number of recent residential sales in the area where record after record continues to be broken.”

 

The Eastern Suburbs market is tightly held and the demand for attractive residential and retail offerings continues to outweigh supply. Woollahra is one of the most prestigious postcodes in Australia and competition for this asset is expected to be strong. The aptly named Centennial Flats, sits directly opposite the main entry to the lungs of Sydney and World Heritage listed park, Centennial Park. The building is a well-known landmark and sits at the gateway to two of Sydney’s most prestigious suburbs Woollahra and Paddington.

“Trophy assets like this don’t come on the market very often and I anticipate this property will be hotly contested between high-net-worth Eastern Suburbs buyers,” Damien Cooley, Managing Director Cooley Auctions, says. “Buyers have become very well adapted to online bidding and they feel comfortable using Auction Now from the comfort of their home or office – the process is transparent, convenient and resulting in significant outcomes.”

Centennial Flats houses four retail outlets, tenanted by Marylou Sobel Interior Design, Jimmy Snips, Brow Rituals and Sydney Electric Bikes. In addition, there are eight two-bedroom units and two one-bedroom units, with eight valuable on-site parking spaces and three storage units. The overall land size is 682.9sqm and the building area is 1,075sqm, when fully leased Centennial Flats provides an annual income of $558,493.96.


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Matt Pontey

Director, Sydney Metro Sales | Investment Services

Sydney

Matt is a Director in the Sydney Metro Sales team, Investment Services specialising in the City Fringe & Eastern Suburbs selling development sites,  apartment blocks,  commercial and retail assets,.

Matt has a strong property education background with a degree in Property Economics from the University of Technology, Sydney and a further Post Grad in International Business providing him with a strong understanding of the fundamentals of property and a unique perspective of the Sydney Metro Markets.

Matt has an intimate knowledge of his market and understands the diverse dynamics of this complex and sophisticated market. He brings a unique analytical perspective and context to every transaction which comes with honing his skills in this market for over ten years in all facets of agency.

His unique and creative marketing strategies has seen he and his team succeed and deliver some of the strongest results ever delivered in the Eastern Suburbs & City Fringe market. His expertise in his market and understanding of its inner workings have afforded him an edge over his competitors and delivered for his client's time after time.

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Miron Solomons

National Director, Sydney Metro Sales | Investment Services

Sydney

Miron joined Colliers International in 2013 with extensive expertise in both investment and insolvency services which remain his core specialisation.

With 20 years at the forefront of commercial transactions in Australia's most dynamic market, Miron has gained a reputation as an industry leader in the Eastern Suburbs and City Fringe markets. A consummate professional and tenacious negotiator, he brings with him a wealth of experience to Colliers International. Miron’s meticulous approach and key eye for detail enables him to deliver a truly first-class service backed up by a patient pragmatic approach and strong work ethic.

Miron’s continued specialisation in this highly diverse property arena has ensured that Colliers International offer an unrivilled level of experience and expertise. Combining these attributes with our results-driven approach and focus on customer service, Colliers International and Miron are proud to service a loyal network of clients.

 

 

 

 

 

 

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