Just 2km south of the Sydney CBD, Chippendale has undergone a significant transformation with the area now thriving as a destination of choice for arts, food and lifestyle in Sydney.
Although small in size, the area is a cutting-edge creative scene packed with vibrancy and showcasing a variety of cultural, educational and architectural highlights, including Judith Nielsen’s White Rabbit Gallery located around the corner. The property is ideally situated a short walk from Central Park, Kensington Street and Abercrombie Street, all of which are home to a wealth of renowned retailers. Chippendale benefits from existing public transport and infrastructure but will also profit from the future infrastructure projects like the light rail project.
Packed with a variety of cultural, educational and architectural highlights and flanked on all sides by major infrastructure in Sydney University, Broadway Shopping Centre, UTS, Notre Dame University, TAFE NSW and Central Station, eventual rejuvenation was inevitable.
In light of this, Savills Australia is pleased to offer for sale the original Sydney City Mission Hall via an on-site auction at the end of this month.
3 Little Queen Street presents a unique opportunity to acquire an incredible freehold heritage building in the heart of Chippendale, which has played a pivotal role in Australian history since the 1800’s. The property is built in a Gothic revival style church which has been deconsecrated and renovated to a high standard.
The property is currently tenanted by leading film & TV production company Scoundrel on a 3 + 3 year lease with a current net income of $117,500pa* and 3% fixed annual rental increases.
3 Little Queen Street comprises a two level commercial building currently used as office accommodation totaling 200sq m* on a 115 sq m* site. The property benefits from favourable B4 Mixed Use Zoning allowing flexibility for a range of future commercial or residential uses.
For sale exclusively through Nick Lower, Ollie Ridley and Michael Hui of Savills Australia, the original Sydney City Mission Hall is an iconic heritage building built in 1886. 3 Little Queen Street is one of the city fringe’s most architecturally unique buildings and presents itself as a Gothic revival style church.
According to Nick Lower, State Director - NSW, Metro & Regional Sales at Savills Australia, Mission Halls have played a pivotal role in Australia since the 1800’s.
“Sydney City Missions were focused on community activities, food and clothing depots and volunteer labour, having filled a welfare gap across the state and helping more than 300,000 people through its employment, training and community services.”
Given the recent explosion of amenity and development in Chippendale, the commercial office and retail sectors and residential are in hot demand and accordingly there is also a shortage of residential.
Ollie Ridley, Sales Executive, Metro & Regional Sales at Savills Australia said “The building is currently used as office, and city fringe office rents are remaining stable with projected growth over 2021-22 as occupiers look to relocate out of the core CBD.
“The ground floor of the property was previously used as a bar/restaurant providing future potential to strata subdivide the ground and first floor levels and separately lease.
“There is also the ability to owner occupy the entire building for office or retail purposes or re-configure into residential,” he continued.
Michael Hui, Sales Executive, Asia Markets at Savills Australia said, “This opportunity will be hotly contested by astute investors but also office and retail owner occupiers due to a significant lack of quality City Fringe stock currently on the market.”
The property is to be sold via an on-site public auction at 11am Wednesday 31 March 2021.