Harbourfront Milsons Point retail asset lists beside North Sydney Olympic Pool
Most people spend a trip to the hairdresser staring at themselves in a mirror. Clients at one Sydney salon, however, are more likely to look the other way – through floor-to-ceiling windows framing the Sydney Harbour Bridge to the left, Luna Park to the right and the harbour beyond.
The spectacular outlook has become one of the defining features of Wildlife Hair, where clients can have their hair coloured while watching ferries glide across the harbour and swimmers stream into the newly reopened, heritage-listed North Sydney Olympic Pool next door.
The upmarket lower north shore salon anchors the ground floor of 20 Alfred Street, Milsons Point, in an award-winning mixed-use luxury development called The Point, four kilometres north of the CBD.
Now the commercial strata investment behind those salon views has hit the market via an expressions-of-interest campaign and is already attracting strong buyer interest just days after launching.
“In the three or four days we have been on the market, we’ve fielded a huge response. It is one of those properties that investors and locals have had their eye on for some time, and there is a lot of interest from those visiting the pool on its opening weekend,” says selling agent Nick Blaxell of Coutts North Sydney.
The asset sits in the heart of one of Sydney’s busiest waterfront precincts, moments from the Sydney Harbour Bridge pedestrian and cycleway and leafy Bradfield Park, one of the city’s most popular vantage points for taking in the iconic sights.
Public transport via the Milsons Point Ferry Wharf is just 190 metres away, with Milsons Point railway station about 300 metres from the property, while Luna Park, Kirribilli Markets and the surrounding hospitality precinct are all within easy walking distance.
Strategic pool reopening timing
The North Sydney Olympic Pool is one of Australia’s most celebrated swimming venues, where 86 world records have been set. The campaign was deliberately timed to coincide with last Friday’s reopening of the 1936-built centre after five years of construction.
“With the redevelopment of the pool extending over five years, the decision was made to wait and release the property to the market with the reopening of the pool,” Blaxell says.
“With the redevelopment now completed and open to the public, the views from the property are locked in place for the long term.”
More than 10,000 people visited the new pool – reportedly the most expensive public pool redevelopment in the nation’s history, at a cost of $122 million – during its free opening last weekend.
The pool famously housed the 1938 and 1958 Empire Games (now known as the Commonwealth Games), where Dawn Fraser broke 10 world records, before closing in 2021.
Now, the future-proofed site – whose art deco features, iconic stucco arches and 1930s brickwork were restored – features a heated 50-metre outdoor pool, two indoor pools, a kids’ pool, a state-of-the-art gym and fitness spaces, a Finnish sauna and a 970-person grandstand.
Next to the pool and completed in 2010, the award-winning The Point combines low-rise residential apartments above with the commercial space at ground level. A penthouse listed five years ago carried price hopes of $16.5 million.
“On completion in 2010, the property won a number of major awards, including NSW Architecture Award 2010 for Multiple Housing, and the NSW Master Builders Association Excellence in Housing Award 2010 Residential Apartments,” says Blaxell.
High-calibre tenant profile
The ground-floor retail asset has remained under the same ownership for 16 years, benefiting from its secure long-term tenant since its inception, while also enjoying strong pedestrian traffic and visits from an affluent catchment.
Calling the space home for those 16 years, Wildlife Hair still has four years remaining on its current lease. The salon offers a “relaxed, sophisticated style” led by hairdresser of the year Jayne Wild, according to its website, and has a second outlet in inner-city Surry Hills.
The tenant also manages two sub-leases, the Side Part Cafe – offering specialty coffee, baked goods and Asian-inspired bites – and Wildlife Skin & Beauty, both trading from Suite 1, 20 Alfred Street.
“It’s a stunning property. It’s a very unique offering to the market,” Blaxell says.
He describes Wildlife Hair as “a very high-end hair salon” that has built a loyal clientele, with its harbourfront making every appointment a little different.
“A large section of the window overlooking the newly opened North Sydney Olympic Pool retracts to provide an unimpeded open air view of the Harbour, a truly unique feature of this building,” he adds.
Strong financial returns
Returning a net annual income of $333,550 plus GST, the investment is leased on a net basis, with the tenant paying all outgoings, including land tax. The lease also benefits from annual rent reviews of four per cent or CPI, whichever is greater.
The property comprises 292 square metres of retail space, bathrooms plus three car spaces and exclusive use of the building’s loading dock, storage and bike racks, delivering a total net lettable area of 393 square metres.
“The Harbour Bridge is by far the dominant aspect of the view,” Blaxell says. “It’s a lovely angle of the bridge and the city skyline. It’s iconic.”
The property is being offered for sale via expressions of interest closing at noon on September 10.
