Public relations maven Roxy Jacenko failed to secure a much-publicised $10m-plus move. Picture: Jonathan Ng
Singapore-based PR maven Roxy Jacenko failed to secure her desired $10m-plus midweek auction sale of her former commercial headquarters in Paddington.
“The property passed in,” Colliers listing agent James Cowan confirmed.
It was offered the morning of the federal budget property tax overhaul, so now its price fate sits amid the tumult that will beset property markets for years to come.
Roxy Jacenko’s former Paddington office.
“We have a motivated vendor emotionally and financially ready to sell the property,” Cowan said.
“Initial expectations were above $10m.
“They are now below this,” Cowan advised.
The founder of the Sweaty Betty PR firm paid $2.66m for the 7-13 Elizabeth St premises in 2014.
Roxy Jacenko. Picture: Jonathan Ng
The 290sq m corner site comes with a lease to Maclay Longhurst’s Sydney Sotheby’s International Realty until May 2027, currently returning $300,000+ GST per annum, with a CPI increase due this month.
“This is a short-term lease considered to be well below market parameters,” buyers were told.
It is possible commercial property might benefit from increased purchasing interest following the federal budget that seeks to quell investor interest in residential housing.
The new capital gains tax arrangements, especially through self managed super funds, will no doubt become the focus for estate agents, accountants and valuers, who will need to review the final legislative changes before giving wise advice to clients.
Meanwhile, Paddington retail premises on William St changed hands midweek at $2.65m when bought by Elefteria Antonelli’s Leff Investments. The new tenant is tipped as estate agency Whitefox.
Beatrice Tsu-Jones, and Layton Bonnici have secured the sale of their Gurner St corner shop premises. The 204sq m premises passed in last Saturday at $6.05m but sold later. The premises traded in 2023 for $4,875,000 when sold by the Sproats family. It came with Suzanne Green plans.