Fletcher Jones Canberra store passed in at auction
Canberra’s heritage-listed Sydney Building on London Circuit, formerly a Fletcher Jones department store for 50 years, has been passed in at auction.
A spokesperson for CBRE, the selling agents, said negotiations were now underway with interested parties.
The two-storey corner building (pictured below) at 91-99 London Circuit in the Canberra CBD and Northbourne Avenue, was one of the first privately constructed properties in Canberra along with the Melbourne Building, characterised by Mediterranean influenced architecture with Roman motifs, round arch ways, arcade walkways and formal corner entrances with both buildings being situated prominently in the heart of the CBD.
It offers ground floor commercial space measuring around 300 square metres with 31 square metres of street frontage.
Australian clothing manufacturer and retailer Fletcher Jones formerly inhabited the ground floor for over 50 years, ending its half-century presence in the building after the 93-year-old company went into voluntary administration at the end of 2011.
The first floor comprises four office units accessed via a separate stairwell off London Circuit. Currently two of the four units are tenanted by a psychologist and skin treatment clinic
In November last year a Malaysian investor purchased the Melbourne CBD corner premises occupied for 57 years by Fletcher Jones for $11 million.
The Canberra building has recently become the base of operations for Canberra’s You Are Here Festival which showcases the capital’s experimental arts and culture scene.
Ahead of the auction, CBBRE commercial property agent Patrick Sammon who along with colleague Mark Nicholls is marketing the building, said the property’s historical significance, iconic features and prominent location has sparked significant purchasing enquiries from a range of buyers.
“The property offers wide street frontage, great signage opportunity and the potential for a quality tenant providing further exposure and rental upside for the new owner,” Mr Sammon said.
The property was last sold in 1998 for $2,115,000.
