Historic ice cream cone factory flipped after repurpose
An inner-city ice cream cone factory recently converted into a co-living complex has sold to an offshore investor for $10.425 million.
The heritage-listed Sydney Confectionery Company building at 10-12 Egan Street, Newtown, was offered by 10 Egan Street Pty Ltd, led by developer Tony Younnes.
That entity paid $3.5m in 2019.
At the time the building was fit out as a live theatre painting studio, Scenographic, operated by a family for some 40 years.
More recently, the property was tied to a dispute involving a former investor which settled in the NSW Supreme Court in mid-2022.
Boarding house sale
Developed on a 383 square metre site in place of a weatherboard cottage, the Egan St building serviced a confectionery company from 1927, making lollies and ice cream cones, capitalising on new refrigeration technology at the time (continues below).
Signage is visible on the façade.
Now operating as UKO Newtown Village, the 475 sqm complex is designed with 19 self-contained studios, a communal lounge, co-work areas and internal courtyards.
UKO is the occupier.
Based on the gross annual income (c$632,300), the result reflects a 6.1 per cent yield. It also prices each room at c$548,684.
Knight Frank’s James Masselos and Adam Droubi were the marketing agents.
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