Mosman’s landmark Country Road building comes to market for the second time this year
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.
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.
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.”
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.