King Street, Sydney CBD building sells for $23.5 million

King Street, Sydney CBD building sells for $23.5 million
Staff ReporterDecember 7, 2020

Hotelier Sam Arnaout has sold his King Street, Sydney CBD building for $23.5 million.

It's believed to have been bought by a luxury retailer who had his eye on a heritage building.

Bidding opened at $18 million, with nine bids driving the price to $23.5 million, when it was knocked down by auctioneer Damien Cooley, reportedly to the luxury watch boutique Swiss Concept owner.

The freehold property, marketed as the perfect office HQ by Colliers International agents Miron Solomons and Harry Bui in conjunction with Savills agent Jordan Lee.

Hermes, Louis Vuitton, Dior, Cartier, Boss, Bally, Tiffany & Co, Bulgari, Frank Muller, Chopard, Zegna all neighbour the property.

The 1887-built heritage-listed property spans six levels with a 310 sqm area. It was designed by architects Sheering & Hennessy.

Hermes recently spent $100 million on the nearby 155 King Street.

Miron Solomons of Colliers International said this is a record breaking result for Sydney’s lux hotspot.

“It’s not often that such a high calibre asset goes to auction in the Sydney CBD and it was impressive to see the who’s who of Sydney’s property market whipping out their calculators and cheque books."

According to Jordan Lee, of Savills Australia, the on market campaign saw a range of interest from around Australia and across Asia Pacific.

“We had a lot of High Net Worth privates looking for flagship assets and a lot of clients in Asia hoping to secure a flagship presence in the Sydney CBD” he said.

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