Ad legend John Singleton sells former Paddington headquarters for $30m
Previous tenants include Microsoft, Ninemsn, Seven, Mojo Advertising (Allan Johnston, Alan Morris) and Documentary Australia.
“The property suits an array of different end uses, from passive investment, private offices, residential/commercial development to that of a residential compound in the heart of Paddington,” Vaughan said at the time of the listing.
‘There is something about this building that exudes success.’
Ad man John Singleton
Singleton said that if the walls could talk, they would say “You cannot do this!” “There is something about this building that exudes success,” he said.
“I once had a call from my accountant who said he’s had an offer from one of these tech blokes, an American, about Bonython. This guy wanted to do it all, increase the value and pay the rent at the improved market value. No one was that silly, I said. That was Bill Gates, and this became their Australian head office for Microsoft.”
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The sale comes as suburban commercial property markets are showing more life than in central Sydney. More people are working closer to home, which has meant a fall in average vacancy rates in the past year.
In Oxford Street, the former Verona cinema is being redeveloped into an office complex with a rooftop bar, retail space and 1000 metres of cultural entertainment space.
The City of Sydney has plans to revitalise the creative and cultural precinct underpinned by commercial property. Verona sits within a redeveloped strip at the gateway to Paddington.
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