PRIME CBD RETAIL OPPORTUNITY 614 George Street, Sydney for Sale
PRIME CBD RETAIL OPPORTUNITY 614 George Street, Sydney CBD - Core
Location
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614-626 George Street is strategically positioned on George Street in
one of the CBD?s busiest retail strips within close proximity of the Sydney
Town Hall and the Queen Victoria building.
Directly opposite are the George Street cinemas and the landmark
residential towers?, Lumiere? and Meriton.
The property is within easy access to public transport with major bus
routes running along George Street and the Town Hall railway station
being within close proximity.
Significant attractions within the surrounding area include: Chinatown,
Darling Harbour and the landmark World Square retail, residential and
office complex which houses the headquarters of Ernst & Young.
Description
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614-626 George Street is a substantial stand alone retail building with
longer term redevelopment potential.
The property is located within the heart of Sydney’s bustling
entertainment precinct enjoying ongoing trade for up to 16-hours a
day, 7-days a week.
Key features of the offering include:
• Substantial retail frontage of approximately 40 metres along
George Street.
• 98% securely leased to established retailer’s/hotel operators
including Maloney’s, Bar Ace, Metro Theatre, Oporto & Krispy
Kreme’s.
• Mixed use income stream including 2 hotel/tavern operations, a
live theatre venue and multiple retail tenancies.
• Large site of 1,460 sqm offering longer term redevelopment
potential.
• Surrounded by landmark developments including World
Square, Ernst & Young, the HSBC centre and the recently
completed Lumiere’ residential and retail complex.
Accommodation\\
Car Park
The car park is accessed directly from the Central Street frontage of the property. The loading dock is located within this component of the complex.
Access to the car park is via tilt door mechanism controlled via a security
card access system.
Basement
The basement houses two hotel/taverns, Maloney’s and Bar Ace, both owned by Maloney Hotel Corp. Both are entered via wide staircases from George Street, Maloney’s to the northern end of the frontage and Bar Ace to the southern end. Both provide reasonably similar facilities including separate poker machine areas (28 machines in each), pool tables, bar and lounge
areas, bistro and male and female amenities. Maloney’s is rectangular
in shape and extends under the rear laneway to the eastern boundary of
the site. Bar Ace is smaller and extends under the adjoining shops to
George Street.
Retail Tenancies
Retail tenancies occupy the ground levels to George Street and Central
Street. There are 6 retail tenancies aligned to the George and Central Street frontages. To the eastern end of the site in Central Street, Shop 1 is leased by the operators of the Metro Theatre and used for administration/storage. On the corner of Central Street and the rear laneway is Shop 2, also leased by the operators of the Metro and subleased to a Korean restaurant. Shop 3 adjoining is a small convenience store.All of these shops are less than 100 sqm and have standard shopfronts and generally a rectangular or square configuration. To the George Street frontage, Galaxy Electronics occupy Shops 4/5 providing ground and mezzanine accommodation for electronic gaming. Adjoining this is Shop 6, a small rectangular shop which is currently vacant and finally Shop 7 provides prime ground floor retail currently operating as Oportos and Krispy Kreme.
Upper Floors
The upper floors comprise the Metro theatre. The Metro theatre entrance is situated on the corner of George and Central Streets and comprises a foyer and ticket area only at the ground level. Wide, traditional theatre stairs lead up to Level 1 with a concealed office situated half way up the stairs.
Level 1 consists of a large foyer and bar area with 2 theatres, the
smaller theatre to the east and the larger “Metro” to the south.
The smaller theatre has a capacity of approximately 250 sitting and 350
standing. It has a mezzanine level for tables, is carpeted and has a black
painted concrete slab over. Aside from spectator and circulation space,
the only other improvement is a stage to the eastern boundary. The Metro is entered through solid double fire doors and has part timber floors and part carpeting, terraced standing/seating areas and a bar at the rear, top area. Access to operate the bar and adjoining landing area is via a mezzanine level. A stage and rear preparation area is provided. The theatre has a capacity of approximately 550 seated and 1,000 standing. Both theatres and the accompanying areas have been recently refurbished to create a ‘back street urban environment’.
Roof
To the western elevation of the roof is a cinema screen (approximately
34 square metres) with associated rear operating room. We understand that the screen has not been used in many years.
Net
Rent
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Title
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Free Hold
Investment
Details
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The property comprises a modern retail/entertainment complex completed in 1992, providing 2 lower ground hotel/pub tenancies, 6 ground floor retail tenancies and a first floor live theatre complex. In addition there is an area for parking 6-8 vehicles and a loading dock.
Parking
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6-8 spaces
Comments
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Prospective purchasers are to submit their proposals in writing to the
exclusive agents.
An assessment period will follow the close of the Expressions of Interest
where the Vendor and its advisors will elect to either deal with:
• One or more party(s) to enter exclusive due diligence period to
finalise due diligence investigations, or alternatively:
• A shortlist of groups will be selected who will be requested to
firm up their proposals in writing to the Vendor.
Please note that the vendor reserves the right to amend this process, or
to withdraw the property from the market at any time as its sole
discretion.
GST
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Disclaimer
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Whilst all care has been taken in the preparation of the information contained herein, no warranty is offered or implied. Interested parties should therefore rely on their own enquiries. all areas and figures are approximate.
ENQUIRY FORM
PRIME CBD RETAIL OPPORTUNITY 614 George Street, Sydney CBD - Core
