A Sydney property renowned for its “deep-rooted history” is for sale.
The commercial space at 51 Mount Street in North Sydney was previously home to the Bank of New South Wales, a McDonald’s restaurant for more than a decade, before becoming a HSBC branch.
Andrew Vines, Managing Director of Retail Commercial Consultancy, reveals the price guide is $9 million. A public auction has been scheduled for 10.30am on Thursday, August 1.
Vines holds the listing alongside Ray White Commercial Managing Director Peter Vines and Victor Sheu, Director of Ray White Commercial’s Asian Investment Services.
Promotional material by the listing agents sees the property described as being “renowned for its iconic architecture and deep-rooted history”.
Formerly the Bank of New South Wales, the building became the site of a McDonald’s restaurant before it shut its doors in the late 1990s. It then became HSBC’s flagship bank.
Situated on the corner of Mount Street and Pacific Highway, agents consider the standout feature to be its guaranteed foot traffic and connectivity.
They estimate around 60,000-plus vehicles pass daily along the Pacific Highway, as well as being in close proximity to North Sydney Station with its approximate figure of 30,000 daily users.
The property is also around 200 metres from the soon-to-open North Sydney Metro.
Described as having a “flexible workspace” on promotional materials, the building comprises of a lower ground with glass frontage, an upper ground floor and first floor.
Agents suggest the rooftop terrace has plenty of potential, with the possibility of making it into a common area, garden or event venue, subject to council approval.
North Sydney is a residential suburb and a major commercial district on Sydney’s Lower North Shore, 3km from the CBD.