Sydney icon listed with mid-$30 million hopes as trophy home hunters circle

After closing in June, its future is open to exciting interpretation. Because it is zoned for mixed used, the enormous Milsons Point site could become a harbour-side trophy home, medical suites, a corporate base or kept as a hospitality hot spot.

The former restaurant and function centre is now empty, in a world-class position overlooking Lavender Bay, the Sydney Harbour foreshore and Harbour Bridge.

The vacant possession – for sale for the first time in its history – is central to the appeal, listing agent and director Willem Watson of JLL Sydney, says.

The listing describes the jaw-dropping address as a “super-prime” parcel on the lower-north shore of the city.

The property is offered via an international expressions of interest campaign and a variety of buyers are showing their intent.

The five-level commercial strata building, with a colossal loading dock, cocktail lounge, commercial-sized kitchens and bars and event facilities, is a “genuine volume metric on Sydney Harbour”, Watson says.

From the balconies and terraces are views that could be used to promote Sydney to the world.

Watson says prior to the property hitting the market, the vendor had approaches from various “asset classes” with different ideas for how they would use the large spaces.

“It is very unique and it does have a lot of different uses,” Watson says. “Given the opportunity to present the asset as vacant possession, it opens up a lot of different buyers and uses, whether that is medical, hospitality, a retail showroom – you name it.”

Watson says the postcard vistas will never be built out. As such, potential residential buyers have eyed the glittering site.

“This is the first time it has ever been offered to the market,” Watson says. “So we have already had expressions of interest, and we have had individuals from overseas looking at purchasing it as a house.”