2-8 Elizabeth Street, Paddington. NSW Real Estate.
A former bakehouse, chocolate factory and fashion warehouse converted to Paddington Square offices was the second-most-viewed commercial listing in Australia over the past week.
Realcommercial data showed the mixed-use freehold building offering 1374 sqm of floor space over three levels plus 13 car spaces at 2-8 Elizabeth Street, Paddington, with expectations north of $20m-plus, came in second behind a Dandenong warehouse.
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Despite the lockdown, Ray White Woollahra/Paddington agent Ben Vaughan says he’s been “a bit busy” fielding inquiries and giving high-net worth investors private inspections.
A top location
Among the attractions are a state-of-the-art 13-space car lift.
“I’ve been running around like a blue-arsed fly,” he joked.
High-net worth private investors and local businessman keen on making use of the office space rather than a CBD base are understandably keen on the modern complex by the renowned architect, Leffler Simes.
Some of the leases on the offices expire in September, which would allow the new owner to occupy some of the space.
“One person is looking to occupy some of the space as their office, not too far away from their house,” Vaughan said.
Incredible interiors
District views
Among the attractions of the original building, built in 1886, are a state-of-the-art 13-space car lift.
“It’s a $20m plus asset, there’s no doubt it’s that all that,” Vaughan said.
“A residential property across the road sold for $9m and this is on 742 sqm of land.
“Some people just want it as a trophy piece in their portfolio and will pay whatever for it.
“It’s a hard one, put a gun to my head and say ‘what’s it worth?’
“I couldn’t tell you.”
The designer building was completed in 2016 after the owners accumulated the four different properties, which also included a substation, over the past 20 years.
Barbetta Cafe is one of the eight tenants in the building
It’s very popular
The acquisition of the substation site and corner terrace led to a striking architectural union that now houses Italian cafe Barbetta plus seven other blue-chip tenants.
“It’s very much a labour of love,” he said.
The property goes to auction on July 24.
