1200 square metres of Canberra icon hits the market in the CBD

There’s been a lot happening in and around the heritage Sydney Building in recent years, including big-ticket items like the Verity Lane redevelopment and the light rail.

However, beyond the infrastructure, there has been a distinct cultural shift, with a lot more night-time activity that has drawn in, principally, a younger crowd.

One address that packs them in over three levels houses the popular Fun Time Pony, One22, Bada Bing Dining Club and Al’s Diner. That building, with all those secure leases, is now looking for a new owner.

It’s going to require some deep pockets, but it’s not often that nearly 1200 square metres of city space comes to market – particularly a space that has benefited from more than $5 million in refurbishment and fitouts.

Tim Grosmann of Savills Sydney says the opportunity is likely to appeal to a (very) high-net-worth individual or property syndicate.

“The Sydney building is a Canberra icon and it’s rare to see an address within it come to market offering this volume of floor space,” he says.

“It’s a timely opportunity to stake a place in the new buzz that’s occurring around the city centre.”

The property generates more than $800,000 in net annual income, boosted by yearly rent increases. Tenants pay 100 per cent of the outgoings.

$12,000,000

122 Alinga Street, City ACT 2601

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