Randwick village art deco gem hits market

The “beautiful old landmark style building” at 35-43 Belmore Road, Randwick, is characterised by a striking multi-toned brick facade. A florist, real estate agency and Red Cross shop are located on the ground floor.

Above is a range of one-, two- and three-bedroom apartments, some renovated, with rear lane access and a five-spot car park.

“Internally, you’ve got high ornate ceilings, fireplaces and stunning corridors and common areas … and there’s a landing with a stunning staircase,” says listing agent Peter Goulding of NG Farah.

The 905-square-metre site, formerly known as the Flight Centre Building, could attract buyers looking for a redevelopment project in a suburb that attracts a median house price of $3.5 million.

Goulding says astute investors could earn a gross annual return of $688,066 a year, taking in the fully leased retail and residential rental income.

“That’s a very healthy return,” he says. “We don’t see that calibre of property come onto the market very often … a building like this is usually pretty tightly held [and] smart investors, astute investors, rush to secure something like this.”

Goulding says the current owners are parting ways after a decade, which, in turn, followed the previous owners’ long tenure. He describes it as one of the best-positioned sites he has seen hit the market in some time.

“There’s been a lot of inquiry on the property,” he says. “It ticks a lot of boxes [and Randwick is] one of the most searched suburbs in Sydney.”

Buyers are attracted to the area for its lifestyle perks while being close to work in the CBD. Home to about 29,000 people, the eclectic suburb is made up of around 60 per cent of residents aged between 30 and 60.

Randwick boasts easy access to the eastern beaches, beautiful parks, varied sporting facilities – from the race course to the SCG – the University of NSW, well-recognised schools, both public and private, and the Prince of Wales Hospital and light rail, Goulding says.

Randwick is flooded with heritage-listed sites and art deco architecture, leading Randwick City Council to curate an architectural walk. It takes in 20 art deco properties, including the Flight Centre Building.

The building is located next to the Royal Randwick shopping centre and is a short walk from The Spot, a vibrant mix of shops, restaurants, cafes , the 1937 art deco Ritz Cinema, supermarkets, gyms and CBD-bound transport.