Centennial Flats may sell for $20m at auction
One of the most recognisable buildings in Sydney’s eastern suburbs has hit the market for the first time in 70 years and it may sell for up to $20m, industry sources believe.
Located on the corner of Queen Street and Oxford Street in Woollahra, Centennial Flats at 2a-14a Queen St offers investors an attractive mix of residential apartments and tightly held premier shops.
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 on-site parking spaces and three storage units.
“This prominent building has been immaculately maintained with its original Spanish Mission features cared for beautifully, says Matt Pontey, Director Investment Services at Colliers.
“It is truly rare to find a building of this era, in this extraordinary condition.
“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 October 21 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 iconic interwar apartment block 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 while 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.”
Centennial Flats sits directly opposite the main entry to Centennial Park.
“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,” Cooley said.
“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.”
The overall land size is 682.9sqm and the building area is 1,086sqm.
When fully leased, Centennial Flats provides an annual income of $558,493.96.