A commanding retail and commercial freehold property positioned at the gateway of Sydney’s CBD has sold for the first time in 27 years. 

The property at 36-38 Wentworth Avenue in Surry Hills consists of a three-storey building with 845sq m of net lettable area plus four car spaces with rear lane access on an expansive 278sq m site.

The building is 100% leased to Motorcycle Accessories Super Market and Corporate Fitness Centre.

The asset was sold in an off-market deal by Knight Frank agents James Masselos, Jessen O’Sullivan and Andrew Harford.

It was purchased by an owner occupier from a local Investor who had owned the property for 27 years within two weeks of Knight Frank marketing the property through its exclusive database only.

Mr Masselos said the sale was a significant one, given that the property had been on the market several times over the past few years with other agencies.

“Knight Frank was able to strategically source a local owner occupier looking to gain a foothold in this tightly held city fringe precinct on the cusp of the CBD,” he said.

“This is an iconic asset located within one of Australia’s most dynamic commercial, retail and residential markets, underpinned by world-class surrounding amenity including transport, retail and hotels.

“Surry Hills has the best performing commercial market in Australia, with a current headline vacancy rate of approximately three per cent.”

Mr O’Sullivan said in addition to being in a strong location, the Surry Hills property also had repositioning upside.

“Under the current B4 Mixed Use zoning the property has 1,390sq m of permissible gross floor area, subject to council approvals, with an 18 metre height limit,” he said.

“There are many future uses allowed including boarding houses, child care, commercial, community, educational, entertainment, medical centres and recreational facilities, just to name a few.”