Retail strata space occupied by the St George Bank in Sydney’s Martin Place for sale. The 473sq m unit at Lot 2, 53 Martin Place will be auctioned next month, with the sale campaign run by Jessen O’Sullivan, Andrew Harford and Linda Zhu of Knight Frank on behalf of the vendor, Valoma Pty Ltd.

St George Bank, a subsidiary of Westpac Group, has a lease for the space expiring in September 2023, with a further option of seven years.

The 15-level 53 Martin Place, historically known as the Australian Provincial Assurance Building, was built in 1936, and occupies a 644sq m site in Martin Place, described as the ‘civic heart’ of the Sydney CBD.

Mr O’Sullivan said the strata offering was a rare opportunity for buyers to acquire a trophy strata asset located within the most recognisable financial precinct in Australia, and surrounded predominantly by institutional property owners.

“This is a generational opportunity to own a piece of one of the most powerful business addresses in the world,” he said.

“The art deco property occupies a commanding position on the corner of Martin Place and Elizabeth Street with maximum street exposure, underpinned with strong income paid by a blue chip ‘AA’ credit rated covenant.

“The existing lease in place also includes a seven-year option, which presents the opportunity to attain almost 10 years of income security.”

Mr Harford said the asset was located in an area earmarked for considerable growth and transformation, amidst some of the most significant infrastructure spend the Sydney CBD has ever seen.

“The opportunity is in line for significant uplift over the next five years with the $12 billion Sydney Metro development earmarked for completion in 2024,” he said.

“The new Martin Place Metro Station is positioned just across the road from The St George Bank, promising to produce a significant increase in foot traffic within the area once operational.

“The $170 million MLC Centre redevelopment project is also located a short 150 metres from the property, which will feature 6,000 square metres of new and improved space including luxury and premium retail on Castlereagh and King Street, as well as a new food and beverage precinct fronting onto Martin Place, further enhancing the desirability of the area.”

Mr O’Sullivan said the property was the most exciting strata investment opportunity to come to the Australian market in 2021.

“There has been very little retail strata space for sale in the CBD, and we believe this is the best retail strata property to come to the market over the past year,” he said.

“This asset will demonstrate the ongoing appetite for quality investments of this type and in this location, with the CBD still very much sought after.”

The public auction for the Martin Place property will be held at 10.30am on May 20 at Damien Cooley’s rooms, Level 5, 1 Margaret Street in Sydney.

To request a copy of the Information Memorandum please email either of the marketing agents via the contact form below. 

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