The iconic Washington H. Soul Pattinson building at 160 Pitt Street Mall is now on the market
After 150 years of ownership, Washington H. Soul Pattinson (WHSP) has moved to sell its Pitt Street headquarters valued at more than $100 million.
According to the Australian Financial Review, the company itself is one of the oldest listed on the Australian stock exchange.
The business was established by Caleb Soul and his son Washington in 1872, and was subsequently taken over by pharmacist Lewy Pattinson.
The store’s 12.8-metre width gives it frontage on Australia’s busiest retail strip, as one of just 10 properties with position onto the Pitt Street Mall, including fashion labels Zara, H&M and Forever 21.
“It unquestionably is a highly unique, super strategic and really a ‘one-off’ opportunity to secure an absolute prime foothold in Australia’s strongest retail strip,” Simon Rooney, who has been appointed to sell the property with JLL colleague Rob Sewell, told the AFR.
While WHSP’s origins are in owning and operating Australian pharmacies, the company now has a much broader investment portfolio covering ntelecommunications, agriculture, property equity and more.
One of its larger investments is still in Australian Pharmaceutical Industries (API), which encompasses the brands Priceline, Soul Pattinson and Pharmacist Advice.
Managed by the same family to this day, WHSP is an investment house with $5.5 billion in assets.