The landmark building at 356 Victoria Street, Darlinghurst - offered to the market for the first time in over 40 years - attracted over 130 enquiries, underlining the strong appetite for city-fringe assets with development upside. The property was sold to a local investor, signalling ongoing confidence in the inner-city market from Sydney-based buyers.
“This was a campaign that really resonated with the market,” said Zorick Toltsan of RWC Eastern Suburbs. “The combination of a prime location, flexible mixed-use zoning, and proximity to key medical, research, and lifestyle precincts created a compelling opportunity. Investors are clearly on the hunt for value-add potential in tightly held, high-growth areas.”
Previously home to The Shopfront Youth Legal Centre, the property spans approximately 205sqm over three levels and sits on a 162sqm parcel with rear lane access and parking for up to four cars. With a 2.5:1 FSR and 18m height limit, the site offers the potential to more than double its existing floor area (STCA).
Warren Ginsberg noted the diversity of enquiry received throughout the campaign. “We were fielding interest from medical professionals, developers, creative operators, and investors alike - all drawn to the location’s walkability, access to public transport, and the lifestyle on offer,” he said. “This result is a clear vote of confidence in the city fringe market and in Darlinghurst in particular.”
The sale marks the end of an era for the Salvation Army, who owned the property as part of their long-standing support of The Shopfront Legal Centre, which has since relocated to Redfern.
“This sale proves that demand remains incredibly strong for freehold properties with future upside in lifestyle-rich locations,” said Mr Toltsan. “Investors recognise the rare opportunity these assets represent, especially with vacancy rates tightening and capital growth expected to continue.”
