Historic Cyclops toy factory in Leichhardt could fetch $50 million after coming up for sale
A self-storage facility occupying part of the historic Cyclops toy factory in Leichhardt could soon become an apartment complex after coming up for sale.
The 6931sqm property at 40-76 William St consists of a 10,060sqm commercial building spanning four levels and is expected to sell for circa $50 million.
A sale in this range would see the site obtain one of the highest recorded sales ever in Leichhardt, according to CoreLogic data.
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The site is the last part of the original toy factory, with the rest of it having already been converted into apartments.
KnightFrank senior sales executive Demi Carigliano said the property is one of the last remaining properties of a large scale within proximity of the CBD.
“A freestanding commercial property spanning over 10,060sqm is very rare to find in the inner west,” he said.
“In all my years of selling commercial property, I have never come across something like this.”
With residential zoning, the property has already seen a mixed bag of interest, from private investors to institutions and ASX-listed companies, and Mr Carigliano said the property is also being shopped around in Hong Kong and other cities in Asia.
Most of the buyers looking at the property are considering turning the site into a residential development or exploring commercial opportunities like an office space, or turning it into something like the Grounds of Alexandria.
The site has no heritage restrictions on the property to prohibit or restrict development, but Mr Carigliano said developers would not be able to build higher than the current building under zoning regulations.
“The existing planning controls offer the flexibility for residential or commercial uses, and in addition some groups may consider a planning proposal for further uplift,” he said.
With three-street frontages, including 88 metres on William St, the property is a freehold building over four titles and has a flexible lease with the current tenants.
Cyclops commenced operations at the Leichhardt site in 1913 and was one of the largest producers in Australia of children’s pedal cars. It remained at the site until it was shifted offshore after being purchased by a British company.
It is for sale via an expressions of interest campaign until September 24.
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