Opportunity to acquire premium office space in historic Walsh Bay has come to market
JLL lists heritage-listed strata office suite within Walsh Bay’s iconic The Bond Stores
SYDNEY, 14 February 2022 – Premium office space within a heritage listed building has come to market in the Walsh Bay precinct, presenting investors with the opportunity to secure a strata asset in one of Sydney’s most exclusive areas.
The strata office suite for sale within Bond Store 2, Lot 6, 24 Hickson Road, Walsh Bay consists of 327 sqm of second floor premium office space, plus associated parking.
JLL’s Capital Markets NSW Associate Director, Willem Watson and Director, Gordon McFadyen have been appointed to sell Lot 6, Hickson Road, Walsh Bay via public auction.
The Walsh Bay office is currently occupied by digital commerce transformation agency eWave generating a net income of approximately $174,887 per annum with annual rental increases, with lease expiry in 2024.
Mr Watson said, “Walsh Bay is steeped in history, encompassing the past, future and present of Sydney, and assets in this precinct rarely come to market. There has been a price surge in the area over the past three years and given the lack of premium stock, there was only one sale of significance in 2021.
24 Hickson Road is located on the northern Gateway of Sydney CBD and is equidistant between the iconic harbourside precinct of The Rocks, Millers Point, and evolving world class Barangaroo Precinct.
Mr Watson said, “The completion of Barangaroo and Sydney Metro Rail line is imminent and will no doubt further increase the interest and value of the Walsh Bay area. With these both within walking distance, we anticipate investors will be eager to capitalise on property investments in the area while they can.
The Bond Store 2 building is an architectural and historical masterpiece including original structural architecture, timber floors, original iron bark beams with exposed mechanical services. Lot 6 benefits from the original wool shoot and six large windows fronting Hickson Road creating superb natural light throughout the suite.
Mr McFadyen said, “Opportunities to enter the commercial market in Walsh Bay are rare, where the mix of high-end residential, retail and commercial amenity and positive foreseeable future for the precinct underpins strong demand. Overall buyer demand for commercial strata offices in Sydney remains strong due to the limited supply of quality properties available for sale.
“The area is unique in its vibrant blend of hospitality venues, retail and arts amenities and the precinct has capitalised on the thriving office market to be a landmark destination for tenants and occupiers,” said, Mr McFadyen.
The immediate location is a State Heritage Precinct providing a mix of luxury residential homes, low rise heritage warehouse buildings which have been converted into office buildings, and quaint retail buildings.
The neighbouring Barangaroo Precinct provides world-class amenity including retail, food and beverage venues and the imminent Metro Station which will be located within 450 metres of 24 Hickson Road, providing unrivalled connectivity.
Bond Store 2, Lot 6, 24 Hickson Road, Walsh Bay is to be sold by Public Auction on 17th March 2022, at Level 5, Cooley Auction Centre, 1 Margaret Street, Sydney.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.