Iconic Australian architect Harry Seidler’s first commercial project in Sydney, “Workhouse”, is on the market.
The 8-storey boutique workplace at 398-402 Sussex Street in the heart of Haymarket received a sensitive $2 million makeover in 2019 and expresses the much-loved modernist Bauhaus movement in a new age.
The building sits on top of a 177sq m site, and offers 1097sq m of net lettable area, 88 per cent of which is tenanted.
Savills Australia agents Andy Hu and Jordan Lee are marketing the property, which when fully leased provides a net income of $849,000 per annum. Hu said the location was “second to none”.
“Just 230m to Darling Square and 500m to Darling Harbour, the property benefits from the bustling activities in the retail precinct with a number of local landmarks including Paddy’s Market, University of Technology, Darling Quarter Precinct, Central Park and World Square. It is just over 1km to Sydney Tower,” Hu said.
“Furthermore, Sydney’s Haymarket precinct is undergoing an extensive regeneration that will underpin its appeal as one of the most vibrant districts in Australia and will only be enhanced further with the completion of various developments.”
Seidler is lauded as one of the most-awarded Australian architects and leading exponents of Modernism in the country. He focused on three main aspects of Modernist design including social use, efficient building construction methods, and visual aesthetics.
Lee said the rejuvenation of the building brought it back in line with its Modernist beginnings to create a boutique workplace.
“Today Workhouse leverages the mid-century aesthetic of the building and the growing trend towards a domesticated workplace by reimagining the building into a mid-century home-away-from-home,” Lee said.
Hu said it was one of the first Haymarket freehold offerings in 2021 and said he expected the iconic Seidler building to attract domestic and international attention.
398-402 Sussex Street, Haymarket is being offered for sale via Expressions of Interest closing Thursday, 8 April 2021 at 2pm (AEST).