The building on the corner of Durham Street South and Sandyford Street, Sydenham has been transformed from a traditional warehouse offering to a streetwise hub hosting the flagship Benny’s Barbershop Headquarters and other complementary businesses.
Customers can grab a snack or drink from the licensed bar and eatery or play arcade games and Rugby 08 on PlayStation while waiting for a fresh cut in this unique space which is also home to a gym, and tattoo artist, and multiple office tenants.
The property occupies a 1,200sqm site with a building footprint of 953.6sqm, it has dual street accesses and 11 undercover car parks accessed under the roadway overpass, as well as to the rear of the building.
Benny’s Barbershop has the head lease over the property with a new five-year term, a further two, five-year rights of renewal, and two-yearly market rent reviews which provide rental growth opportunities.
The property returns an annual income of $110,000 plus GST and outgoings.
Salespeople marketing the property said both the tenant and the vendor have spent significant amounts of time and money refurbishing and fitting out the property, positioning it well in the investment market ahead of auction day on Thursday 21st July, unless sold prior.
Alex White and Stewart White of Bayleys Canterbury are marketing the property at 113-117 Durham Street South and said Sydenham commercial and industrial assets are selling well in the current market as evidenced by recent transactions in the area.
“Any stock that comes to the market for sale is attracting strong interest and robust competition which is reflective of both the convenient location just outside the CBD and the fact that the leasing market is hot,” said Alex White.
“The lease structure on the subject property, the clear work ethic of the main tenant, and his ability to motivate other unique businesses means that this offering has a real point of difference in the market.”
“Underpinning these factors are the inherent fundamentals of a large corner site in an evolving part of the city.”
Located just outside of the four avenues with ease of access to the city and the Southern Motorway, the property is zoned Industrial General and has an assessed seismic rating of at least 67 percent new building standard.
Construction consists of concrete block and corrugated metal roofing, with the main access through recessed double doors off Sandyford Street where the original industrial warehouse door remains in an open position.
This leads into the barbershop, reception, bar/eatery, open client lounge area, and All-Star Ink tattoo artist premises, with a kitchen and bathroom also on this elevation.
A small concrete ramp accesses the rear adjoining building which has a slightly lower floor level with the space developed as the Hybrid Theory Training gym area with an accessible and generous-sized toilet and shower block.
Up the stairs on the first floor are a number of refurbished office tenancies occupied by various small businesses.
The vibrant regenerated space is working extremely well for the multiple businesses on-site said White, with increased customer footfall and client commitment evidence that people like what the hub offers.
“Hybrid Theory Gym has also signed up an additional 40 new members since locating to the site recently and now holds eight classes per day, proving that the location and the bespoke building has appeal to an eager audience.”