Watters Gallery in Darlinghurst sells for $5.5 million
The Sydney art institution Watters Gallery in Darlinghurst has been sold at auction by Colliers International for $5,505,000.
It was the first time the gallery space had been offered to the market in 50 years.
Miron Solomons, Matt Pontey and Nick Lumley of Colliers International sold the 230 square metre, three storey Victorian terrace with vacant possession.
It went for more than $1 million over the initial starting bid of $4.5 million, with the property receiving 45 bids.
Located at 109 Riley Street in Darlinghurst, the art gallery had contemporary internal finishes including polished concrete floors and multiple rooms with high quality amenities including a lift and loading dock.
The gallery, which closed its doors in December 2018, has been owned and operated by Frank Watters and Geoffrey and Alexandra Legge since 1964.
“109 Riley Street has significant historic value in Sydney, as it dates from a key period of Darlinghurst development during the subdivision of grand estates into residential and commercial development,” said Miron Solomons, National Director, Investment Services at Colliers International.
The space has had a variety of uses over time, originally as a boot warehouse from 1858 – 1862, then used as retail space and also operated as a hotel until 1968, where it was converted to an art gallery by architect Don Gazzard.
Watters Gallery is named after director and owner Frank Watters who lived above the gallery since 1970.
Substantial extensions to the rear of the building were carried out by Walter Barda Design in 2010.
