Potts Point home of Candys sells for $22m

The terraces, near Kings Cross train station, sold for $22m.

EXCLUSIVE

A row of four historic Potts Point terraces – one which accommodates the Candys Apartment nightclub – is understood to be selling for $22 million.

The vendor paid Eagle Property Group and 8 Hotels owner Paul Fischmann $18m in 2017 – a price which reflected a 5.32 per cent net yield.

That seller spent $12m in 2015 and refurbished.

Two of the terraces housed World Bar, which shut last February.

Police temporarily closed Candys in 2016 following an investigation into alcohol and drug fuelled violence in the Kings Cross precinct.

It is understood most leases have a demolition clause which would allow the incoming owner to have vacant possession in six months.

The vendor offered the terraces with a two year rental guarantee at $1m per annum (story continues below).

20-26 Bayswater Road, Potts Point

All up the properties, 20-26 Bayswater Road, contain 2280 square metres.

The site spreads 956 sqm walking distance to Kings Cross train station.

Eagle appointed Antoniades Architects for a plan to convert the terraces into four family homes.

The latest deal was negotiated by Colliers’ Steam Leung, Miron Solomons and Joseph Lin.

More to come.

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Marc Pallisco

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

Marc Pallisco