News on status of Smart Shop Place expected in new year

An announcement should be coming in the new year about the status of Smart Shop Place in downtown Sydney.

The venerable Charlotte Street landmark was established in 1904 when it was opened by the Webber family and has been known for decades as a shopping destination.

It was run by Harvey Webber until his death in 2003, at which point the Meloney family purchased the building. In 2013, they sold it to Sydney businessman Parker Rudderham.

Much of the past year has been spent on gutting the building “right down to the studs,” Rudderham said, Monday.

“We’ve spent a quarter-million-dollars just ripping stuff out, if you can believe it.”

The prime retail space on the first floor of Charlotte Street is about 25 per cent of the total square footage of the building. Rudderham said he’s working with a business in the food and beverage sector to lease the entire first floor.

More will be known in the first few months of 2019, he said, by which time Rudderham is hoping to have reached a lease agreement with the business.

The building has been vacant for about two years now. The Shoe Tree, owned by Bruce Meloney, was among the last major tenants before it moved up the street to make way for major renovations at Smart Shop Place.

“The building is sitting there. We’re paying taxes and we’re not getting any revenue. Right now, it’s a stranded asset,” Rudderham said.