Singo puts famed Paddington office complex Bonython up for sale

The 1890s factory, hidden behind rows of terrace housing (the two main entrances are an unassuming archway at 52 Victoria Street and a laneway at 120B Underwood Street), was converted into an art gallery in 1967 by Mr Bonython, who exhibited works by the likes of Brett Whiteley, Ken Done and Sidney Nolan until 1976,

After purchasing the property, the two advertising execs converted the gallery into office suites and made it the headquarters of their SPASM ad agency – named after its four founders: Mr Singleton, Rob Palmer, Mike Strauss and Mr McAllan – which had been acquired by US firm Doyle Dane Bernbach in 1973.

During its heyday, The Bonython – or Paddington Court as it was previously known– was famed for its Friday night parties, which some of the agency’s biggest clients would attend.

“The legend was that most of our business was because everyone wanted an invitation to our parties on Friday night,” Mr Singleton said.

“And there is a lot of truth in that because it was a who’s who of Kerry Packer, Rupert Murdoch, Gerry Harvey and Jack Cowin [who would come along],” he said.

Alongside the 24 executive office suites, The Bonython includes a long-running licensed open-air cafe, which spills out onto a lush, tree-filled atrium.

After SPASM departed The Bonython in the mid-1980s, it was home to another major ad agency, Mojo and later Microsoft, which took out a long lease. Other notable tenants include Ninemsn, Channel 7 and venture capitalist Mark Carnegie’s MH Carnegie & Co.

“I once had a call from my accountant who said he’s had an offer from one of these tech blokes, an American, about Bonython,” Mr Singleton said.

“This guy wanted to do it all, increase the value and pay the rent at the improved market value. No one was that silly, I said. That was Bill Gates, and this became their Australian head office for Microsoft.”

Mr Singleton has appointed Ray White agents Ben Vaughan and Randall Kemp to market The Bonython via expressions of interest closing on March 20.

It is being sold fully leased but most tenants’ leases expire in February next year.

The Bonython stands on a 1452 sq m site at 52 Victoria Street and includes 1251 sq m of net lettable area and 13 covered carpark spaces.

Mr Vaughan said the property would appeal to a high net-worth buyers.

“The property suits an array of different end uses, from passive investment, private offices, residential/commercial development to that of a residential compound in the heart of Paddington,” Mr Vaughan said.