Hemmes listing on Macleay Street, Potts Point offers option to buyer

Hemmes listing on Macleay Street, Potts Point offers option to buyer
Hemmes listing on Macleay Street, Potts Point offers option to buyer

The listing of the landmark building, Wirrara in Potts Point coincides with the lease of Arida formally expiring this August.

The luxury retailer of international clothing brands and distinctive interiors has been on a five year lease at $158,000 a year, the local listing agents have advised potential buyers.

It has been trading there for almost two decades.

The tenancy intentions of Arida have not been made public, with Hemmes leaving it to the next owner to negotiate.

The neighbouring Hemmes-run restaurant The Fish Shop has been on a $170,000 a year lease which Hemmes could continue subject to the buyers' wishes.

It has been many restaurants through the decades including Juillet's, Moran, Giraffe, Clochemerle, Lotus and Merivale.

At one point it was leased by Thelma and Terry Clune, the gallerists, who are best associated with the adjacent acclaimed Yellow House. 

The corner building has been listed for sale with a reported $11 million plus guide. 

It has been offered through Alan Levy from Metro Commercial inconjunction with the local R&W office.

The building has been scheduled for May 8 auction by the unassuming Justin Hemmes. 

However the seemingly full of themselves listing agents claim in the marketing it was "without doubt a listing of nationwide magnitude, the coming to market of this block is a headline-worthy event."

Set in the corner of Macleay Street and Challis Avenue, the mixed-use freehold investment located features four large apartments and two retail shopfronts. 

It boasts Merivale’s Fish Shop at street level and the Arida clothing retail outlet next door. 

There is current $520,950 total rental income with $328,550 from the shops and $192,400 from the four upstairs units per annum. 

The total internal 741 sqm area comprises 300 sqm of the ground floor, 225 sqm of the first floor, and 216 sqm of the second floor. 

There are $10,000 estimated council rates, $93,000 water rates and $55,000 land tax. 

Through the years, as the Hemmes family expanded their fashion and restaurant business, they also started buying up the buildings in which they operated their different businesses.

One of their first Merivale coffee shops was in Potts Point.

Justin Hemmes' late father, Mr John bought the property at 61-63 Macleay Street for $1.428 million in 1988 from Peejays Developments.

The property is part of the Santa Fe row of 1905 Queen Anne style terraces that once ran from 45 to 63 Macleay Street.

It is part of the surviving half of a set of 10 terraces, designed by architect Maurice B Halligan, some of them demolished to make way for the Chimes.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Potts Point Commercial Property

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