Two prestigious retail units in-one-line attached to Scots Presbyterian Church have come to market for the first time in 15 years, in arguably the most accessible gateway corner of the Sydney CBD.

JLL’s Capital Markets (NSW), Willem Watson and Gordon McFadyen have been appointed to sell Shops 1 & 2, 40-44 Margaret Street, Sydney via public auction.

The retail premises which are offered for sale in-one-line are oriented to the front of the building and front the heavily trafficked Margaret Street. Shop 1 and 2 feature high quality fit outs and comprise 71 sqm and 69 sqm, respectively. The asserts are underpinned by long lease terms, with significant lease expiries of 2023 and 2031.

Optimally positioned on the ground floor of the Portico and the Scots Church restoration, the properties are located at the Northern Gateway of Sydney’s CBD. The building consists of 148 residential units above the Scots Church with ground floor retail and office space.

Mr Watson said, “These strata retail assets are the last of its kind in the Wynyard precinct. Adjoining a restoration completed heritage building these sites cannot be compulsorily acquired, making this an extremely unique investment opportunity.

"Similar assets are few and far between in Sydney CBD, given the tightly held nature of strata properties that are exempt from compulsorily acquisition. This is the only premium retail site of this nature that has come to market in 2021 by JLL. We anticipate strong demand for this equally rare and unique asset,” said Mr Watson.

Mr McFadyen said, “Available for the first time since the building’s restoration 15 years ago, the properties present the opportunity to acquire rarely available premium food and beverage investments in the heart of Sydney’s CBD. These shops are perfectly sized tenancies and benefit from very low outgoings, in a booming economic precinct.

“The location of these well-established going concern destinations boast street-frontage sites that open onto one of Sydney’s most heavily trafficked areas, with views overlooking the revitalised Wynyard Place gardens. The proven destination will be forever in demand by small businesses, which is reflected in the current longstanding tenants with long lease terms,” said Mr McFadyen.

A significant part of Sydney’s architectural history, Scots Presbyterian Church was constructed to replace the colonial church demolished for the Sydney Harbour Bridge. It was designed by architects Rosenthal, Rutledge & Beattie and built by Beat Bros in 1929.

Since 2006, the building has supported a modern high rise apartment building on top of it, designed by architects Tonkin Zulaikha Greer. The building is an architectural masterpiece and was awarded the MCA Excellence in Construction Award for restoration when it was extended in 2006.

Shops 1 & 2, 40-44 Margaret Street are being offered for sale by Public Auction on Thursday 25th November 10:30am (AEDT) at Cooley Auction Centre, 1 Margaret Street, Sydney. 

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.