The Rozelle shop on the market for the first time in more than 50 years
Over the last 50 years one dry cleaning business has come to know a lot about Sydney’s dirty laundry.
Located on Darling Street, Rozelle, it was bought by a Sydney family back in 1964, not long after trams had ceased trundling past its doors.
In that time it has served celebrities including Hollywood star Nicole Kidman and actor Joe Hasham, as well as cleaning the robes of local mayors and priests, said Gunning Real Estate agent Robert Maher who is selling the property.
The vendors are three siblings from a family who cleaned and pressed the changing fashions of the ’60s, ’70s & ’80s, until they sold the business in 1983 to the current tenants, No-D-Lay dry cleaners, but kept ownership of the building.
Mr Maher said he had been “knocked out of the park” with well over 80 inquiries from potential buyers of the property.
“At the moment the [rental] yield is quite low with the tenant; they’ve been there for a long time and the rental hasn’t kept up with the market,” he said.
“So we’re seeing interest from parties which are either looking at the upsides for redevelopment or just planning to hold on to it to improve the yield.”
The price guide was in the high $2 millions, he said.
The Darling Street dry cleaner is on the market for the first time since 1964.
The property has two street frontages and Mr Maher said there was potential to expand the existing floor space for retail or residential use, pending council approval.
While the dry cleaning tenants may stay on after their six month lease ends, retail and offices spaces on the city fringe were becoming sought after and the 381-square-metre property had potential as a retail showroom.
Tom Speakman, Director of Gunning Real Estate said the shop has lived through the suburb’s evolution.
“The very tightly held Darling Street is again experiencing a rejuvenation and purchasers will benefit from the improving infrastructure and local amenity with the introduction of the WestConnex, the proposed Metro West rail line and gentrification of Rozelle Park,” he said.
“Long-term capital growth as a result of these improvements as well as its close proximity to the proposed new Balmain Leagues Club entrance and the foreshore redevelopment make this an attractive property.”
The property at 714-716 Darling Street goes to auction on August 15.
