Part of a historic Sydney building that is home to world famous fashion house Ralph Lauren is on the market.
Two commercial suites, one of which is leased to the American designer’s Australian arm, in the heritage-listed Reynell Building in The Rocks are on the market.
The offices will be sold either individually or in one line after residential and hotel developer Stamford Property listed them for sale.
The developer earlier built a high-rise apartment tower and five two-storey terrace-style apartments as part of a sweeping redevelopment of the site, which also included the office spaces.
The site benefits from recent refurbishment, high eight-metre windows offering ample natural light, timber cladding and a spacious environment
Located at 175-185 Gloucester St, the two offices represent a total floor area of 830sqm, 554sqm of which is leased to Ralph Lauren, while the remaining space is leased to financial firm Enhance Finance Partners.
Enhance Finance Partners has a four-year lease on the smaller space, with a three-year option, while both properties attract combined net annual rents of more than $538,000.
CBRE’s Gemma Isgro and Tim Grosmann are negotiating the sale, which will be via an expressions of interest campaign that ends on April 6.
Igro says the site remains one of Sydney’s premier office locations in one of the city’s most tightly-held precincts.
“The site benefits from recent refurbishment, high eight-metre windows offering ample natural light, timber cladding and a spacious environment, making it a truly unique creative workspace in the heart of Sydney’s CBD,” Igro says
“Stamford Property has deemed the strong market conditions as an ideal time to sell, being offered to the market as a long term investment opportunity with certainty of immediate stable income.”