A section of Canberra's iconic Sydney Building has been listed for sale, piquing the interest of interstate buyers.
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The commercial property at 32 Northbourne Avenue is currently tenanted by 5th Avenue bar and Freestyle Tattoo Studio.
The property is being marketed for sale by Sentia Real Estate and is listed with a price guide of $3.1 million.
Canberra restaurant owner Socrates Kochinos is one of the owners of 32 Northbourne Avenue. An upcoming residential project was among the reasons the owners decided to list the property for sale, Sentia Real Estate director Chris Antos said.
The landmark Sydney and Melbourne buildings were constructed between 1926 and 1946.
Rather than being developed by one owner, the buildings were auctioned off by the ACT government in the 1920s under Crown Lease arrangements.
Today there are more than 60 owners across the 102 separate titles.
Mr Antos said this portion of the iconic building had so far generated strong investor interest.
"The Sydney and Melbourne buildings hold a pretty important place in the hearts of most Canberrans and obviously it's prime real estate. You can't get a much more prominent city location than that," he said.
"There are a few Canberra buyers and they obviously know the positioning very well but we're getting a lot of Sydney and Melbourne buyers looking at it."
Mr Antos said Freestyle Tattoo Studio have leased the space for around 15 years, while 5th Avenue opened in the venue in late 2021.
"It's probably about three-and-a-half years left on the leases, both have options thereafter and both have already indicated that they want to stay," he said.
"They both spent money on [their] fit-outs during the last lockdown and used that time while they were forced to close to make improvements. So they've done that now and obviously need to get a return on that investment as well."
MORE PROPERTY NEWS:
The first half of the year has seen a number of Canberra's commercial properties change hands.
In April, the Campbell venue leased to Chairman Group's Lanterne Rooms sold for $2.8 million, while the site leased to Black Fire Restaurant in Braddon sold for $1,651,000.
The sites tenanted by 86 South restaurant and Bloom Coffee in Phillip sold last month for $2.75 million and $1.22 million respectively.
Located in the same Alexander and Albemarle precinct, the venue occupied by The Alby sold in April for $8.3 million.
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