Hush hush sale for landmark Country Road building in Mosman
The iconic Country Road building – 742 Military Rd, Mosman.
Secrecy surrounds the sale of one of Mosman’s most iconic buildings, with rumours swirling it sold for a massive price.
It is the second hush-hush sale this year for the Country Road building at 742 Military Rd. It sold in January this year in an off-market deal worth $10.8m, CoreLogic records show.
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The property sold after its August 17 auction, through Toby Silk, Jason Lowry and Nicholas Heaton, of CBRE – Sydney.
Mr Silk would not make any comment on the sale, or the identity of the buyers, citing a confidentiality clause in the sale contract.
However industry sources suggested at the time it came to market that it was likely to sell for well over $10m. Settlement will confirm the sale price.
In the lead-up to the sale Mr Silk said there was a lot of interest in the property, which was owned by Country Road Pty until it sold up in 1993 for $3.8 million.
“It has been well received,” Mr Silk said. “It’s an iconic building and there’s some sentimental value for a lot of people who are looking at it.”
742 Military Rd, Mosman.
While there are heritage listed aspects to the facade, Mr Silk said there were significant development opportunities for the three-storey freehold property (subject to council approval).
This could include a shop-top housing development, Mr Silk said.
“These types of properties and investments in suburban areas are still doing well,” he said. “Retail assets are still going surprisingly well – people still think that property is a save haven for their money.
“It’s an asset class that continues to defy any headwinds.”
The building has a stunning Art Deco facade, with frontages to both Military Road and Melaleuca Lane, both about 17m wide.
Prime location – 742 Military Rd, Mosman.
The 679sqm block includes a loading dock with parking at the rear and is anchored by Country Road, which is owned by publicly listed company Woolworths Holdings. There is also a yoga studio occupying the upper floorspace.
The total floor area is 1151sqm, and generates a net annual income of about $504,457.
Mr Silk said the property had a high exposure location along Mosman’s busiest street, and was surrounded by an impressive array of high-end retailers and popular restaurants and cafes.
