Flinders Ln home of Kisumè for sale

The strata titled building is for sale as a whole.

Businesswoman and philanthropist Helen Sykes is selling a trophy Eastern Core commercial investment after six years and a $5 million refurbishment.

The eight level building, 175 Flinders Lane, could sell for more than $20m.

In 2017, hospitality veteran Chris Lucas committed to the basement, ground and first floor for Japanese restaurant, Kisumè.

Levels two, up, are configured with offices.

All of the asset’s 1700 square metres of lettable area is leased.

Colliers International’s Daniel Wolman, Oliver Hay and Leon Ma, with Killen Thomas’ John Camilleri, are the selling agents.

The listing comes a fortnight after Sydney’s hotelier Justin Hemmes spent $43m on Tomasetti House at 277 Flinders Ln to part-occupy.

Immediate or long-term scope for return

Developed 84 years ago, 175 Flinders Ln is being offered as a whole – giving any incoming owner the scope to develop the airspace longer term (story continues below).

Unusually, each storey is subdivided, meaning a buyer could also on-sell it in parts.

“This is set to be the most prized freehold to come to the market in 2021,” Mr Wolman said.

“Kisumè has become one of the most highly-coveted culinary institutions within the Flinders Lane precinct,” he added.

“The tenancy is subject to a 10-year lease with options.

“The upper…levels are subject to lease terms ranging three to five years.

“The shorter lease terms fort he upper levels and holding income provide sophisticated and strategic investors the opportunity to reposition and add-value to this dynamic investment opportunity.

“This presents a potential strata sell down opportunity in a highly demanded strata office market”.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.