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.