- A rare heritage listed Sydney asset is set to spark significant investor interest at public auction — the private gallery of Trevor Kennedy AM
- The 598 sqm gross floor area heritage-listed Rawson Hall was built at the start of the twentieth century and has just undergone considerable restoration
- Since its renovation, the property has been utilised as office space and gallery for the vendor, former journalist, media executive and businessman Trevor Kennedy
- JLL’s Capital Markets (NSW) team of James Aroney and Willem Watson has been tasked with selling 24-26 Kent Street, Millers Point at public auction
In Millers Point, where investment prospects are few, a Federation Free Style private art gallery turned commercial space has come to market.
The 598 sqm gross floor area heritage-listed Rawson Hall was built at the start of the twentieth century and has just undergone considerable restoration to an owner-occupier level of detail, with design by Vince Squillace Architects.
Since its renovation, the property has been utilised as office space and gallery for the vendor, former journalist, media executive and businessman Trevor Kennedy AM, and his acclaimed private collection of treasures.
Mr Kennedy’s private collection had over 6000 artefacts, including rare and unique Australian historical and decorative art treasures, making it the largest private art collection in Australia, which was held at 24-26 Kent Street.
JLL’s Capital Markets (NSW) team of James Aroney and Willem Watson has been tasked with selling the property at a public auction.
“Centrally located between the two internationally recognised precincts of Barangaroo and The Rocks, 24-26 Kent Street, Millers Point presents an extremely rare opportunity to acquire a prized trophy freehold asset on the immediate city edge,” Mr Aroney said.
“The unique nature of this prized property is set to spark significant interest from buyers looking to invest in a piece of Sydney’s history.
“Both commercial and residential uses are permissible under the current zoning, presenting multiple value add opportunities for this asset.”
Nearby surroundings include a State Vintage Precinct with a mix of luxury residential residences, low-rise heritage warehouse buildings that have been turned into office buildings, and shop buildings.
“The property offers an incoming owner the perfect opportunity to accommodate their business, or for investors to gain a foothold in one of Sydney’s most dynamic precincts,” Mr Watson said.
“The property is ready for immediate occupation and would make the ideal family office, corporate HQ or an iconic residence steeped in history (STCA).”
The property’s sale is positioned to capitalise on a surge in owner-occupier demand, fuelled by Sydney Metro’s most recent round of forced property purchases for the Sydney Metro West line. Next year, five commercial strata plans between Hunter, Bligh and George Streets will be forced to purchase and then destroyed.
“With recent similar sized commercial strata sales in the 500+ sqm range hitting $18,000 – $25,000 per square metre at 66 Hunter St and 131 Macquarie Street; a rare freehold like 24 – 26 Kent Street should see keen competition from buyers wanting to beat the anticipated rush next year,” Mr Aroney said.
24-26 Kent Street is being offered for sale by way of public auction, occurring at 10:30 am on Thursday 25th November 2021 at Cooley Auction House, Level 5, 1 Margaret Street, Sydney.