Trophy Asset: Federation Mosman building occupied by Sheridan listed for sale.

By ANNA USHER

One of Mosman’s largest freestanding buildings, tenanted by a major Australian retailer, is on the market with an $11 million price guide.

623-625 Military Rd, a heritage building constructed in 1922, is being marketed by IB Property and Colliers as a “strategically positioned” property with a spacious rear garden.

Currently occupied by Sheridan, it yields a gross income of almost $500,000 per year.

“Offering a diverse income stream and favourable annual rent increases, it presents a rare opportunity for investors to enhance returns, reposition the asset and capitalise on its prime location,” an Information Memorandum from the selling agents said.

The trophy asset – on 491sqm – comes with commercial offices on the upper floor, and even a level, landscaped back yard and terrace.

Zoned E1 Local Centre, the site boasts “attractive” development controls of Floor Space Ratio (FSR) 2:5:1, with a height limit of 15m.

Sheridan leases the building for $397,894 + gst per annum, with an agreement in place until 2029.

Two other tenants pay $53,824 + gst and $45,427 + gst annually.

623-625 Military Rd will be auctioned on site, Friday 30 May at midday.

We would love to find out more on the history of this building. If you have any information, please get in touch.