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SALES & LEASING

Former Salvos barracks on the market

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HAYMARKET’S former Salvation Army Citadel and Chinese Theatre building has hit the market for the first time in 19 years.

The Salvation Army constructed barracks on the 27-33 Goulburn Street site in 1885, which became a focal point of the local Chinese community after changing hands in the 1960s.

Works began in 1985 to convert the property to the Chinese Theatre.

CBRE’s Gemma Isgro, Nicholas Heaton and Nick Wheatley are marketing the family-owned property via expressions of interest, and buyer interest is expected from local, interstate and off-shore investors.

The property has a three-storey building of 1,600 sqm, with the ground floor occupied by several retail tenants that bring more than $1 million of passing income per annum.

The first and second floors of around 850 sqm are currently vacant, which Isgro said provide creative value-add opportunities for an incoming owner to refurbish the space and target tenants “in one of the strongest leasing markets we have seen in over 20 years”.

Heaton said there have only been three commercial property transactions within the Haymarket area over the past three years.

Expressions of interest close 12th June.

Australian Property Journal