Landmark Corner Building Set to Make History

A landmark “old lady” of inner-city Sydney has hit the market for the first time in 70 years.

Centennial Flats, a mixed-use Spanish Mission-style brick property, is one of the most recognisable buildings in the city’s eastern suburbs

It is being put under the hammer by its long-term owners and is expected to fetch up to $20 million.

On the corner of Queen and Oxford streets in Woollahra, the well-preserved building comprises a mix of eight one- and two-bedroom apartments and four retail tenancies.

Sydney’s eastern suburbs market is one of the city’s most tightly held and the demand for investment opportunities has always outweighed supply.

“This prominent building has been immaculately maintained with its original Spanish Mission features cared for beautifully,” Colliers International director, investment services, Matt Pontey said.

“The defensive mix of retail and residential is particularly attractive in the current market and the rents have held throughout the pandemic with renewed leases."

Centennial Flats sits on a 683sq m site and has a building area of 1075sq m. It generates an annual rental income of about $558,500 when fully leased.

Directly opposite the main entry to World Heritage-listed Centennial Park, the building stands at the gateway to two of Sydney’s most prestigious suburbs, Woollahra and Paddington.

“Eastern suburbs trophy assets have remained highly sought-after as high-net-worth individuals look to invest, searching for stabilised and risk-free income streams underpinned by capital growth,” Colliers’ investment services national director, Miron Solomons, said.

The property is due to be auctioned on October 21.

Meanwhile, a bold plan to revitalise the once-bustling Oxford Street precinct between Paddington and Surry Hills is set to encourage higher density and boost the $4-billion night-time economy.

The approved Oxford Street Creative and Cultural Precinct plan would unlock up to 11,000sq m of new creative space.

According to City of Sydney Council documents “the planning proposal provides the potential to unlock the redevelopment of sites within the precinct, which may be constrained by the existing height controls, and increase cultural and creative floor space”.

Under the precinct plan, building heights of up to 80m would be allowed on larger sites focused on the southern side of the street and western end due to its proximity to Central Sydney.