Surry Hills warehouse has $25m price hopes
268-274 Devonshire St, Surry Hills, has a $25m price guide in an expressions of interest campaign.
A Surry Hills warehouse that was once the home of the famous Ray Hughes Gallery has hit the market for the first time in more than 30 years with a $25m price guide.
Built in 1914 for furniture manufacturers Ung Hing & Co, the three-storey building at 268-274 Devonshire St was then occupied by Edward Hill and Co Furniture before being bought by pioneering art dealer Ray Hughes for $1.31m in 1991.
He reimagined the building into the Ray Hughes Gallery, more recently known as the Hughes Gallery.
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Pioneering art dealer Ray Hughes in front of a portrait of himself, which was an entry in the 1997 Archibald Prize.
The building is now home to some of Australia’s most creative companies.
Hughes died in 2017 and the gallery, which had closed in 2015, was converted into a unique and character-filled building housing some of Sydney’s most creative companies, including world leasing music producer BMG Rights Management, Studio Johnston Architects, Special Group advertising Agency, Arent and Pyke Interior Designers and Alfred design agency.
Now owned by Ray’s son, Evan, who stood as the Labor candidate in the seat of Wentworth in 2016, it’s been put on the market via Shane Blackett from I.B Property.
“Generational assets of this nature are rarely offered to the market in the tightly held city fringe,” Blackett said.
BMG occupies the whole top floor.
The three-storey building was constructed in 1914 for furniture manufacturers Ung Hing & Co.
“Whilst the building has been carefully maintained over the years, there is further scope for value add through refurbishment and subsequent rent reversion.”
He expects the fully leased commercial freehold asset on a 778.6sqm island land holding will be popular with investors.
It generates about $1.55m in gross income per annum over 2081sqm of building area and is strategically placed along side the light rail and close to Central Station.
When Ray Hughes first bought the building, he and his family lived in the top floor, the floor below was storage and the gallery was on the ground floor.
The building’s first commercial tenant was software juggernaut and tech firm Canva, in their startup days when they were operated out of a 158sqm tenancy within the building.
Expressions of interest close on Thursday, March 2 at 4pm.
