Paddington Five Ways shop and residence with Rushcutters Bay views sells $1.04m above reserve

8 Heeley Street, Paddington, sold $1.04m above reserve.

A shop and residence with views over Rushcutters Bay at Paddington’s Five Ways has sold $1.04m above reserve at virtual auction.

The 120 sqm property at 8 Heeley Street, currently Zoit Hair, attracted 14 registered bidders, 13 of them active, and sold for $3.29m.


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Raine and Horne Double Bay agent Paul Langsam had the listing.

“It was appealing to people who were considering the retail space to use as a gallery or consultant rooms and the flexibility of having the apartment for personal use was a consideration most definitely,” he said.

Buyers were keen on the space for a gallery or consultant rooms.

It’s currently operating as a hair salon.

Langsam had sold the property to the current owner, which property records indicate is investor William O’Keeffe, a decade ago for $1.3m.

With auctioneer Damien Cooley presiding at yesterday’s auction, O’Keeffe, now based in Montreal, Canada, was watching proceedings on the AuctionNow platform.

Bidding opened at $1.9m and rose in mainly $100,000 increments with smaller bids ranging from $5000 to $35,000 between them.

The apartment above was part of the appeal.

The harbour view may also have helped.

In the end it was mainly two, with four others having a good crack at it.

The shop has been operating as a hair salon for about five years and the lease runs out next November. Though there’s a three-year option to extend.

It had previously been Wasabi Japanese Restaurant.

The one-bedroom apartment above had been stylishly updated in recent years. It had a combined dining and kitchen area, separate lounge and balcony with views over Rushcutter’s Bay.

The current annual income is about $78,000.