Hush hush sale for landmark Country Road building in Mosman
Secrecy surrounds the sale of one of Mosman’s most iconic buildings, with rumours swirling it sold for a massive price.
It is the second hush-hush sale this year for the Country Road building at 742 Military Rd. It sold in January this year in an off-market deal worth $10.8m, CoreLogic records show.
The property sold after its August 17 auction, through Toby Silk, Jason Lowry and Nicholas Heaton, of CBRE – Sydney.
Mr Silk would not make any comment on the sale, or the identity of the buyers, citing a confidentiality clause in the sale contract.
However industry sources suggested at the time it came to market that it was likely to sell for well over $10m. Settlement will confirm the sale price.
In the lead-up to the sale Mr Silk said there was a lot of interest in the property, which was owned by Country Road Pty until it sold up in 1993 for $3.8 million.
“It has been well received,” Mr Silk said. “It’s an iconic building and there’s some sentimental value for a lot of people who are looking at it.”
While there are heritage listed aspects to the facade, Mr Silk said there were significant development opportunities for the three-storey freehold property (subject to council approval).
This could include a shop-top housing development, Mr Silk said.
“These types of properties and investments in suburban areas are still doing well,” he said. “Retail assets are still going surprisingly well – people still think that property is a save haven for their money.
“It’s an asset class that continues to defy any headwinds.”
The building has a stunning Art Deco facade, with frontages to both Military Road and Melaleuca Lane, both about 17m wide.
The 679sqm block includes a loading dock with parking at the rear and is anchored by Country Road, which is owned by publicly listed company Woolworths Holdings. There is also a yoga studio occupying the upper floorspace.
The total floor area is 1151sqm, and generates a net annual income of about $504,457.
Mr Silk said the property had a high exposure location along Mosman’s busiest street, and was surrounded by an impressive array of high-end retailers and popular restaurants and cafes.