A unique opportunity to acquire a generational and iconic asset located in the absolute core of Sydney’s renowned Haymarket is set to hit the market this week through Savills Australia.
Located at 398-402 Sussex Street Haymarket, “Workhouse” was originally purpose designed by the late Harry Seidler, one of the most awarded Australian architects who was also considered to be one of the leading exponents of Modernism’s methodology in Australia. He was the first architect to fully express the principles of the Bauhaus in Australia. Workhouse was Seidler’s first commercial project, first so-called large project.
The eight storey freehold office building was reconstructed originally in 1990 and extensively refurbished in 2019 to include 5 levels of office space, two ground floor prime retail tenancies, a basement retail tenancy plus a rooftop terrace.
The building is exclusively for sale through Andy Hu and Jordan Lee of Savills Asia Markets and sits on a 177sq m* site and offers 1,097sq m* of Net Lettable Area with a glass frontage that is shaded by rows of external louvres – the iconic elements of the building.
With a street frontage of 14.94m* the building is almost fully leased with fully established local tenants.
According to Andy Hu, Joint State Head, Asia Markets at Savills Asia Markets, the property occupies a premium, high exposure location on the main pedestrian thoroughfare to Sydney’s Chinatown. It is located on the busiest part of Sussex Street, right opposite the renewed Golden Century restaurant.
“There is certainly a high property value for the retail offering along Sussex Street and its location is second to none. Just 230m* to Darling Square and 500m* to Darling Harbour, the property benefits from the bustling activities in the retail precinct with a number of local landmarks including Paddy’s Market, University of Technology, Darling Quarter Precinct, Central Park and World Square. It is just over 1km to Sydney Tower.
“Furthermore, Sydney’s Haymarket precinct is undergoing an extensive regeneration that will underpin its appeal as one of the most vibrant districts in Australia and will only be enhanced further with the completion of various developments” he said.
According to Jordan Lee, Joint State Head, Asia Markets at Savills Australia “Today, Workhouse leverages the mid-century aesthetic of the building and the growing trend towards a domesticated workplace by reimagining the building into a mid-century home-away-from-home.
“In addition to creating a home-away-from home experience, the unique rooftop garden for work, relaxation, and corporate events unleash the potential of the building, the new end of- trip facilities support fitness, and the new everyday staircase encourages physical activity” he said.
This is one of the first Haymarket freehold offerings in 2021 and Mr Hu believes this iconic building will appeal to local and offshore buyers looking to capitalise on a safe haven city such as Sydney and having been created by the most awarded Australian Architect is certainly an extra draw card for this iconic asset.
398-402 Sussex Street, Haymarket is being offered for sale via Expressions of Interest closing Thursday, 8 April 2021 at 2pm (AEST).