Former Redfern post office hits the market for $5 million after refurbishment
The former Redfern post office in inner Sydney has been listed on the market for about $5 million – almost twice what it sold for less than four years ago.
The heritage-listed building on the corner of Redfern and George streets has been refurbished into modern office space by its current owners, architecture firm DKO.
The company paid $2.6 million for the property in December 2014, Domain Group records show.
There could be potential for restaurant conversion. Photo: Supplied
Built in 1882, the Victorian Italianate-style building includes 330 square metres of commercial space across two levels on a 313-square-metre site.
Colliers International’s Tony Crane, who handled the sale in 2014, said while investors and creative office owner-occupiers would be interested in it, there was also potential to convert it into a food and beverage retailer.
“It appeals to investors and owner-occupiers, because the level of fit-out in there and the work that was done by the current owners is very, very nice; they have done a terrific job in bringing it up to speed,” he said.
“I see a bit of an upside in food and beverage potentially, you’d need to take it to council obviously, but the location of that area and the changing demographic is really pushing that high-end eater; there’s some really good restaurants in Redfern in that area now.”
Mr Crane said it was “extremely rare” for heritage buildings to be restored at this level. The original timber ladders leading up to the four-storey clock tower and a small window upstairs have been retained.
Other interior details that have been kept include the ornate plaster cornices and pressed metal ceilings.
The demographics of Redfern is changing rapidly. Photo: Supplied
He added that DKO was selling because the firm, which has offices in Melbourne, Brisbane and Vietnam, has expanded.
“They’ve just outgrown their space, when they first bought that building, I think they were around 28 staff. They’ve now got over 50 jammed in there so they just need more space.”
Mr Craned noted that heritage buildings in the area have been popular, citing an old church on Regent Street, which sold under the hammer for more than $3.7 million in September 2017. It was recently listed for lease as office space for $3000 a week, excluding GST.
“But that needs a lot of work. I think what you find with a lot of the heritage buildings is people have their dream of buying something, but the cost of upgrading them and bringing them up to standard is quite hefty,” he said.
“But the beauty of this one is that all that’s been done, so you can profit from somebody else’s hard work.”
Co-agent Trent Gallagher said the “trendy building” could be occupied immediately.
The former post office “has been the centre of communications for the local community for over a century”, according to the NSW heritage record.
Expressions of interest close on October 17.
