Iconic City Gym frequented by Hugh Jackman, The Rock and Arnold Schwarzenegger for sale
An iconic inner city gym in Darlinghurst known for its LGBT history and for being a celebrity hotspot has hit the market.
Over the years, City Gym at 107-113 Crown Street has hosted plenty of mega names including Arnold Schwarzenegger, Dwayne ‘The Rock’ Johnson and Hugh Jackman.
It has also been a popular fitness hub for members of the LGBT community, with the site described as a safe haven during the 1970s and 1980s when it was illegal to be gay in most Australian states.
The three-level Crown Street site is being offered to buyers via an expressions of interest campaign through Daniel Gunning of Gunning RE and Matt Pontey and Miron Solomons of Colliers International.
The converted warehouse is zoned B4 Mixed Use and at over 1800sqm of gross floor area represents one of the most substantial holdings in Darlinghurst.
Mr Pontey said the site is expected to be popular with a mix of local, interstate and international investors and developers.
“To get such a big freehold ownership of a site this close to the city is very unusual,” he said.
“The site is perfect for a developer or investor looking to unlock the land’s value in the future with a large scale development.”
Presently the site is restricted to a floor to space ratio (FSR) of 2:5:1 and a height limit of 18m. The owners of City Gym also have a long-term lease which allows for a stable income upon settlement.
Mr Pontey said the Crown Street address was iconic and well known by many Sydneysiders.
“It would have been one of the first big format gyms in the city by nearly a decade,” he said.
The listing comes at a time when there has been renewed confidence in the commercial market in the wake of Australia’s and NSW’s handling of the coronavirus pandemic.
“The Sydney market is perceived as robust and resilient to many in the commercial sector,” he said.
“This is seeing capital normally reserved for elsewhere in Australia and overseas flow into the Sydney market.”
Fresh from a $1.5m refurbishment, City Gym features world class amenities including a cardio theatre, competition grade boxing ring, steam rooms, massage facilities and a meditation area. In addition, there is also an infrared sauna, cafe and rehab room.