Sydney

Historical Haymarket landmark tipped to spark offshore interest

The former Salvation Army Citadel and Chinese Theatre building in Haymarket is poised to hit the market for the first time in 19 years.

16 May 2019

The former Salvation Army Citadel and Chinese Theatre building in Haymarket is poised to hit the market for the first time in 19 years.

The family-owned landmark is steeped in history, originating with The Salvation Army’s construction of barracks on the 27-33 Goulburn Street site in 1885.

After changing hands in the 1960s, the site became central to the social and cultural life of the local Chinese community, with works commencing in 1985 to convert the property to the Chinese Theatre.  

CBRE’s City Fringe Team of Gemma Isgro, Nicholas Heaton and Nick Wheatley have been appointed to steer the sale of the property through an international Expressions of Interest campaign, with buyer interest expected to come from local, interstate and off-shore investors.

The three-storey building spans 1,600sqm, with the ground floor anchored by a string of retail tenants, providing over $1million of passing income per annum.

“The first and second floors comprising approximately 850sqm are currently vacant, providing 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,” Ms Isgro said.

Mr Heaton added; “There have only been three commercial property transactions within the Haymarket area over the past three years, proving how tightly held freehold properties are in this end of the city.” 

The property is being offered for sale via international Expressions of Interest closing Wednesday June 12, 2019.For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.