- Former Probuild HQ set to hit market following company's collapse early this year
- Sale of Darlinghurst office building to be managed by Colliers, overseen by Deloitte
- Yet another listing in Colliers' Sydney office portfolio, including Surry Hills office building
The New South Wales headquarters of recently collapsed company Probuild will hit the market soon, with administrators Deloitte engaged to oversee the sale.
The construction company folded in February this year as just one of 18 Wilson Bayly Holmes – Ovcon Limited (WBHO) companies who have had their funding slashed.
South-African based WBHO pulled the pin on funding its Australian division, forcing Probuild’s closure and now the sale of its assets.
Rare freehold office building for sale
As part of the clear out process, Probuild’s Darlinghurst office headquarters will soon come up for sale.
Located at 83-85 McLachlan Avenue, the property features ample open-plan office space with a net lettable area of 682 sqm and parking capacity for 12 cars.
The property is to be campaigned by Colliers agents Miron Solomons, Matt Pontey and Matthew Meynell and will go to public auction on May 26 2022.
“The region of Darlinghurst and Rushcutters Bay has seen substantial gentrification over the past decade with key transformative projects providing confidence in the hybrid city fringe/Eastern Suburbs market,” Mr Solomons said.
Just a few kilometres east of Sydney and in close proximity to Kings Cross station, the office asset offers a sought after location for owner-occupiers, investors and developers.
“You just don’t get a substantial freehold like this in this location, the turnover of commercial assets in this Rushcutters Bay / Darlinghurst precinct is extremely rare.”
Miron Solomons, Colliers
“The last freehold sale on this street was this building in 2007,” he added.
The property has housed Probuild’s NSW division since it was purchased by the company in 2007 for over $5 million.
“The Eastern Suburbs and City Fringe market has validated the perceived notion of it being a risk adverse market, which has been demonstrated through a number of prolific sales.”
“There isn’t a vendor in these markets who has regretted placing their capital into these prestigious and highly desirable suburbs,” concluded Mr Pontey.
Surry Hills freehold office offered up
The newest Probuild listing joins other freehold office buildings in Colliers’ Sydney portfolio, including a similar Surry Hills property.
The Surry Hills property offers three active street frontages, 180 Commonwealth Street, 2-4 Little Albion Street & 1 Ann Street.
Located on 402 sqm of a corner block, the office building features 680 sqm of net lettable area within a refurbished warehouse space.
The property is offered for sale by Colliers agents Miron Solomons and Matt Pontey.
The Colliers listing marks the first time the building has been offered to the market in over 70 years, and offers prospective buyers ample investment opportunity with an existing short term tenant with holding income.
With a prime Sydney address and excellent connectivity to an expansive transport system, the property also offers opportunity for owner-occupiers or developers.
