Former Bank of NSW building in Sydney sells for $16 million

A local high net worth individual has spent $16 million on the former Bank of New South Wales building in the Sydney CBD.

The vacant three storey office block belonged to the Shanghai based Dahua Group who had paid $4.6 million in 2009.

The building at 25 King Street, one the corner King and Sussex Street, has a net lettable area of 969 sqm and sits on a 278 sqm site.

It is listed as an item of local heritage significance, having been originally constructed in the early 1890s for the purposes of the western branch of the City Bank of Sydney.

The Dahua Group recently spent $7.4 million on extensive building refurbishments which included a full façade restoration, reparation of spiral staircase, specialist plasterwork and conservation of pressed-metal ceilings.

New works included an interconnecting stair, lift and rooftop deck.

Architect Design Studio Group undertook the works with building firm Built.

Andy Hu and Jordan Lee of Savills Australia secured the sale.

Hu said the building’s prominent corner location benefits from high pedestrian and vehicular traffic and the roof top terrace boasts views of Darling Harbour and Cockle Bay.

“This is a landmark boutique building which offers a vast selection of open workspaces, function areas, timber and stone floors throughout and three sides of natural light with amazing water views”