Centennial Flats, a landmark mixed-use property in Woollahra, is up for sale

Sydney, Australia – A landmark mixed‑use property in Sydney’s eastern suburbs, Centennial Flats, is up for sale.

The asset at 2a–14a Queen Street, Woollahra, is an iconic Spanish Mission freehold comprising four ground‑floor retail tenancies and 10 well‑maintained residential apartments. The 1,075sq m building has been carefully maintained and refurbished over time to preserve its Spanish Mission character, with features including terrazzo floors, a grand staircase and a striking entrance. It is prominently positioned on a 682.9sq m site on the corner of Queen Street and Oxford Street at the gateway to Woollahra Village.

Centennial Flats is being taken to the market via an Expressions of Interest (EOI) campaign run by James Masselos and Adam Droubi of Knight Frank on behalf of the vendor, a private family, Con Harris Investments Pty Ltd, that has owned the asset for over 75 years. The initial price guide will be $16.5 million. The asset, which also benefits from five on‑site car spaces and three lock‑up garages with individual storage areas, generates a gross income of approximately $865,277 per annum underpinned by proven retail income security and sustained residential demand in the Woollahra market.

The retail component is anchored by long‑standing premium occupiers on strong leases extending through to mid‑to‑late 2028. Mr Masselos said the property was expected to attract strong interest from a broad range of investors, driven by its landmark status, secure income profile and irreplaceable location.
“Centennial Flats is a true Woollahra landmark, offering a rare combination of character, scale and diversified income in one of Sydney’s most prestigious blue‑chip suburbs,” he said. “Its corner positioning, long‑standing retail tenants and high‑quality residential mix provide investors with both immediate income certainty and long‑term upside.”

Mr Droubi said mixed‑use assets in Sydney’s tightly held eastern suburbs continued to be in high demand.“Opportunities of this calibre, particularly those held by the same family for multiple generations, are exceptionally rare,” he said. “The property’s exposure to both the established Queen Street and Oxford Street retail and dining precincts underpins tenant demand and future capital growth. “The asset is also ideally positioned to capitalise on the anticipated uplift in land values, tenant demand investment appeal driven by the proposed Woollahra station and rezoning framework.”
The EOI campaign for the property will close at 4pm (AEST) on Thursday, May 14.

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For further information, please contact:
Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.degroot@au.knightfrank.com +61 410 460211

Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, the Knight Frank network has 600+ offices across more than 50 territories and more than 20,000 people. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants. For further information about the Firm, please visit www.knightfrank.com.