The historic building owned by Washington H Soul Pattinson and Company at 160 Pitt Street is being sold to private group Kingvest, which is run by Sydney retail landlord Victor Comino.
The deal is said to be worth about $100 million.
The site in Pitt Street Mall has been the location of Soul Pattison chemist for 145 years. The business is now set to close its doors as the property was offered with the opportunity for vacant possession.
Related reading: Two Sydney ‘Super Sites’ Hit the Block
“Sydney CBD is going through dramatic overhaul at the moment which will attract even more customers and tourists to the CBD and drive growth in retail spending – particularly along Sydney's pre-eminent retail strip, Pitt St Mall,” JLL’s head of retail investments Simon Rooney said.
The Pitt Street Mall, along with Melbourne's Bourke Street Mall and Brisbane's Queen Street were named among some of the most expensive places in the world to rent a store, according to a Main Streets Across the World report released in November.
Rooney said that the site is just one of 10 properties with Pitt Street Mall frontage.
“A site such as 160 Pitt Street secures an absolute prime foothold in Australia’s strongest retail strip, Pitt Street Mall.
Related reading: International Property Fund Buys Sydney’s Republic Hotel
“As a result of the high retailer demand for presence along Pitt Street, it now commands some of the highest rents in the world, with recent evidence showing rates of $12,000/sq m - $15,000/sq m per annum.”
Two buildings owned by Rebel Property Group within the CBD, located at 371-375 Pitt Street and 116-120 Liverpool Street have recently been put on the market, with the buildings expected to sell for around $110 million.