436-442 Sydney Road is for sale for the first time since its construction in 1891, a mere 126 years ago. The auction is to take place 31 August at 12PM on site. This is an incredibly rare opportunity to secure four adjoining shops with longstanding tenants, to be offered as one within the heart of Sydney Road major retail precinct.
The location offers a substantial land holding of 698m² on one title with prominent frontage to Sydney Road and Russell Street, adjoining the Council car park. Total current income of the properties is $130,000 p.a. net and is ideal to invest, develop or subdivide (STCA).
Owners of the building, The Dunne family, were instrumental in the early settlement of Coburg. In 1852, Terence Dunne bought the land of the current shops and built a blue stone house and grocery store which served the Pentridge Prison workers, the local farmers and quarry workers.
In 1891 his son, Patrick Dunne, then built four magnificent two storey shops with dwellings on the site, which is still held by the family today.
Patrick was like a modern day entrepreneur having left Herberton, Queensland in the late 1880’s, where he built and managed a brewery. His adventurous spirit lured him to Western Australia in 1894 where he searched for gold and later, in Kalgoorlie, established the first machine bakery in the West.
When he died he left the shops to his daughters. In subsequent generations the shops were always passed onto the women in the family.
What was once a farming area dominated by the prison is now a thriving multicultural hub. The shops are situated right in the middle of this, opposite the bustling Victoria Mall and with immediate access to public transport.
These grand shops now await the next chapter in their long story.