Mr Skufris is exclusively marketing four office suites totaling 409sqm on Level 5 of the Manning Building at 451 Pitt Street. The asking price is $4.295 million.
“This is a tightly held education precinct, and opportunities like this rarely come up, especially with a long-term tenant in place and 9B approval,” said Mr Skufris.
“Investors will appreciate the stability and rental income, as well as the historic and high-profile nature of the building.”
The properties are being offered for sale in one line via private treaty on behalf of a private owner.
A new five-year lease with a five-year option has just been secured with an established college operator, who has occupied the space since approximately 2007. The initial gross rental is $255,625 per annum plus GST, providing a solid return from day one.
Located on the western side of Pitt Street, the Manning Building is an eight-storey brick structure comprising ground-level retail and seven levels of office space. With frontages to Pitt, Campbell, and Hay Streets, and direct adjacency to the Capitol Theatre, the location offers a bustling commercial environment.
Originally redeveloped in 2003 by OSW Properties, the project involved leading architect Peddle Thorp & Walker and builder Grocon. A standout feature in the lobby is the Manning Horses sculpture by acclaimed artist Alan Somerville, reinforcing the building’s architectural and cultural significance. The property is also Classified by the National Trust.
“There is a real shortage of strata properties in the CBD with long leases, particularly those that are education-approved,” Mr Skufris said. “This offering represents both a secure income stream and an opportunity to own part of one of Haymarket’s most recognised buildings.”
The vendors are selling to facilitate the purchase of an industrial asset to suit their changing business requirements.
