Darlinghurst ARQ Nightclub tipped to sell for $50 million to developers
The Darlinghurst building housing one of Australia’s oldest gay clubs, ARQ Nightclub, along with several neighbouring businesses has come up for sale.
The 1230sqm compound fronting 10-24 Flinders St and 4-10 Taylor St has been owned for three decades by Shadd Daniel Danesi, and is marketed as an opportunity to develop a high end mixed use precinct.
Selling agents Nick Lower, Selin Ince and Leon Alaban of Savills Australia and Harry George of CBRE are selling the property via an expressions of interest campaign and have yet to reveal a price guide. Industry experts suggest the site would likely sell for circa $45 million-$50 million.
Buyers have the chance to acquire the site as a vacant possession or fully tenanted if they choose to do so. It is zoned B2 and has potential for a maximum gross floor area of 3786sqm across four levels.
Located at 10-24 Flinders Street, ARQ Nightclub is part of a two and three storey brick building with ground floor retail and residential on the upper floors. Situated on the corner of Flinders and Taylor Streets, EzyMart is the major retail tenant with ARQ and Toki Italian Inspired Restaurant occupying the remaining stores.
No. 4-6 Taylor Street and 8-10 Taylor Street is a two storey brick building currently housing a spa and sauna business.
Mr Lower said it was a rare opportunity to secure a significant landholding in Darlinghurst that had been owned for three decades.
“This is an ultimate acquisition in any portfolio,” he said.
The City of Sydney is currently undertaking a strategic review of the local planning controls, earmarking Oxford Street as a key priority area for renewal and revitalisation.
The proposed changes would allow for an increase in floor space ratios and height limits in exchange for community cultural spaces, in a bid to transform the tired strip into a massive cultural and creative precinct.
“The proposed changes to planning rules will allow for taller buildings along Oxford Street, in a bid to transform the tired strip into a massive cultural and creative precinct,” Mr George said.
“ARQ represents an extremely rare opportunity for an incoming purchaser to secure a property within one of Sydney’s finest inner-city suburb.”