Commercial property: building housing iconic City Gym up for auction
An iconic inner-city commercial property, that has hosted some of world entertainment’s biggest names including Arnie, The Rock and Hugh Jackman is for sale.
An iconic inner-city commercial property, that has played host to plenty of global superstars is set to be auctioned off next month, one year after receiving a $1.5m makeover.
The building housing the famous City Gym, at 107-113 Crown St Darlinghurst, will be sold off on November 15.
The gym itself, whose owners have an existing lease until 2026, will continue operations uninterrupted.
Arnold Schwarzenegger with City Gym founder Billy Moore.
Starting operations in 1978, the same year as the inaugural Sydney Gay and Lesbian Mardi Gras parade, the “gay gym” had been run by trainer and equal-rights champion Billy Moore until his death in 2014
It has played host to some of the world’s biggest names in entertainment and gym junkies including Arnold Schwarzenegger, Dwayne ‘The Rock’ Johnson, Hulk Hogan, Hugh Jackman and Jane Fonda.
Hulk Hogan works out at City Gym during a media call in Sydney, Tuesday, Nov. 17, 2009.
City Gym founder Billy Moore with American actress Jane Fonda.
The gym underwent a $1.5m revamp in 2019.
After Moore’s death, City Gym subsequently underwent a management change to Billy Kokkinis, who wanted to transform the establishment from a “cookie-cutter” fitness centre into a “one-stop shop” for fitness.
The building is spread across three levels: the revamped gym features a weight training zone with refurbished machines, a spacious cardio theatre, a boxing ring and a mind-and-body studio for yoga, pilates and meditation.
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A view of the boxing arena.
The commercial offering also includes scope to transform the premises into a high-quality mixed-use building with the added potential of unlocking the 768.8 sqm footprint for additional floor space.
Listed via Mercer Property’s co-founder Tom Speakman, the current tenant has a lease expiring in August 2026 with a further 5 year option until 2031 – leaving the buyer with the choice to continue with an income stream or earn revenue while considering future plans.
“Despite the relaxation of lockdowns and social distancing measures, we’re finding that more inner city-based businesses are seeking out bespoke whole building office spaces as an alternative to shared premises,” Mr Speakman said.
The current tenant has a lease expiring in August 2026 with a further 5 year option to 2031.
“Since the pandemic we’ve witnessed a flight to quality which has resulted in an uptick in demand for premium Darlinghurst and Surry Hills office stock.
“This Crown St property offers potential buyers a fantastic template to create a tailor-made environment for their business, or alternatively, a lucrative investment opportunity.”
Featuring a 24m frontage, just steps away from the Crown and William St intersection, 107-113 Crown St is situated 500m from Museum train station, 800m to Kings Cross and Town Hall stations, and is 1km away from the CBD.
The property offers 24m street frontage.
Hugh Jackman is another superstar who has frequented City Gym.
Likewise Dwayne “The Rock” Johnson.
Mr Speakman said the CBD fringe is one of the country’s most highly sought-after markets for investors and tenants – with recent commercial buyers including Sony Music Entertainment and Dovetail.
“We consider the east Sydney pocket of Darlinghurst to be one of the most exciting precincts on the edge of the city. Take the suburb’s vibrant village vibe, couple it with a number of upcoming council infrastructure projects, and this established neighbourhood simply continues to gain momentum year-on-year.”
The Darlinghurst gym is situated within 1km of both Museum, Kings Cross and Town Hall stations.
A buyer has the option to transform the property into a mixed-use building with the potential to unlock additional floor space.
“This is an incredible location so close to the CBD and Darlinghurst’s extraordinary creative scene. Then within minutes you’re right in the heart of Paddington’s art and fashion high street, or Surry Hills’ cool culinary quarter.”
The auction will be held at AuctionWorks on the Mezzanine level of 50 Margaret St in Sydney.
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