Dr Earth Newtown store on the market for first time in a generation
Dr Earth at 287-291 King St, Newtown, is on the market.
A landmark building on Newtown’s famed King St is offering investors the chance to own a slice of history.
Built in the late 1800s, the 724sqm mixed-use building at 287-291 King St comprises of two retail shops, office consulting rooms, and nine apartments.
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The building, which is located beside the well known “I have a dream” mural, has a major tenancy with health food chain, Dr Earth.
Dr Earth, a health food store, is the major tenant.
No price guide has been set by Ray White Commercial Western Sydney’s Peter Vines, Victor Sheu and Joseph Assaf, but CoreLogic reveals 246-250 King St sold last year for $7.8 million. That property was on a 412sqm parcel, while 287-291 King St is on a 724sqm block.
Mr Vines said the property offered a stable mix of income from both residential and commercial tenants.
“The property will offer investors the chance to add value and reposition in the future for example furnishing the units and renting them out as short term accommodation at much higher weekly or nightly rates or converting these to one bedroom units,” he said.
Mr Vines said properties like this are generally passed on through generations, which made it a rare offering.
The property has been tightly held for a generation.
There are nine apartments above the shop front.
Commercial tenants also have access to onsite parking which is included on the title, with a six car carpark located to the rear of the building.
The major tenant is a health food supermarket which Ray White Commercial Western Sydney agent Joseph Assaf said suited the area’s “bohemian and alternative vibe”.
“Newtown’s night-life has really benefited from the lockout laws in other parts of Sydney and is equipped to deal with late trading hours.”
Mr Assaf said the property was well positioned to take advantage of some of the highest volumes of foot traffic on King St due to its location near the train station.
The site has the potential to generate the owner an annual income of $576,153 excluding GST if fully occupied.
