The renowned terrace homes of Bayswater Road, home to The World Bar and Candy’s Apartment, have been placed back on the property market.

The four terrace homes were purchased by Eagle Property Group last year for $12-million dollars, however in the past 12-months they have undergone extensive refurbishment and the current price expectation is a whopping $20-million. Not exactly pocket change, is it?

both The World BAr and Candy’s Apartment – renowend nightspots for Sydney’s nightlife – are situated here, however the World Bar (which occupies two terraces across three levels) could extend their lease by at least 10-years at the end of their current 2-year reamaining lease.

Eagle director Lawrence Kopping says they’re at a “turning point”.

“We’re on the cusp of deciding whether to pursue the retail angle, or to position them as residential.”

”Really we’re not residential developers, if there was a residential developer out there that had a really special idea for these properties we’d sell to them; alternatively we’ll keep them.”

There is also mention that the terrace homes could be turned into a 60-room, boutique hotel, with Daniel O’Brien, of LJ Hooker Commercial South Sydney, who is selling it in conjunction with Richard Garland of Knight Frank, saying they have had expressions of interest from several hotel operators.

There has been no comment from anyone at the venues as of yet, but this big question mark over the terrace homes is a little concerning. Hopefully we don’t lose any more clubs!

 

 

For all the info, head over to Commercial Real Estate’s website.