It was the scene of parties so memorable legend has it John “Singo” Singleton’s advertising empire owes it much of its success.
Now The Bonython, a three-level, five-building precinct in Sydney’s Paddington, has come to market, with a price expectation of $28 million, as the ad man divests himself of the asset he picked up for $300,000 in 1976.
Singo and Duncan McAllan bought the property from art dealer Kym Bonython, who had converted the 1890s factory into a gallery in 1967.
The property is hidden from the street by rows of terrace houses and includes the long-established Bonython Cafe, a 50-seat licensed cafe in the atrium courtyard.
Ray White Woollahra commercial executive Ben Vaughan said the property at 52 Victoria Street, Paddington, was one of Sydney’s most significant land opportunities.
He said the building occupied 1452sq m of land, with three access points, 13 undercover car spaces with flexible E1 zoning.
The property is fully leased and houses 24 distinct tenancies, spanning creative, financial, IT and legal.
Notable past tenants include Microsoft, NINEMSN, Seven, Mojo Advertising (Allan Johnston, Alan Morris) and Documentary Australia.
Serviced by a dedicated concierge, it also features a boardroom available for private bookings.
Singleton said the “building has always been different”.
“You walk in here and people think ‘wow’. It’s amazing, people work here. It’s such a great place to work,” he said.
“The legend was that most of our business was because everyone wanted an invitation to our parties on Friday night.
“And there is a lot of truth in that because it was a who’s who—Kerry Packer, Rupert Murdoch, Gerry Harvey, Jack Cowin [etc].”
He said the buyer would be someone who believed that taste and efficiency were not mutually exclusive.
“The reason so much creative work came out of here, in so many categories, is because when you walk in here, you all feel the same. It’s very special.”
Singleton has appointed Vaughan and Randall Kemp to market The Bonython via and expressions-of-interest campaign to close on March 20.
