Mosman’s landmark Country Road building comes to market for the second time this year
Icon – 742 Military Rd, Mosman.
One of Mosman’s most iconic buildings has come to market, less than six months after it sold in a hush-hush off-market deal worth $10.8 million.
Known as the Country Road building, 742 Military Rd, Mosman, is being sold by auction on August 17, through Toby Silk, Jason Lowry and Nicholas Heaton, of CBRE – Sydney.
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Mr Silk said the first private inspections would be held this week, and a price guide would not be released until there was market feedback.
However, industry sources have suggested it will sell for well over $10 million.
Mr Silk said the current owner – a private company listed by CoreLogic records as Mosman Finance No. 11 Pty Ltd – was looking to sell as they wanted to pursue other opportunities.
It could sell for well over $10 million.
He said there was already 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.”
Street presence.
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.
