The former workers' club that is now home to the Highfield Caringbah building is on the market with a freehold subject to lease, following a $12 million facelift.

Ray White Commercial NSW – Sydney city fringe principal Kristian Morris, who is advising on the deal at 32 Banskia Street in Sydney's south, said it is for a 100 per cent freehold interest subject to lease (FSTL) operated by the Feros Hotel Group.

"They’ve spent about $12 million on upgrades, transforming it from a suburban worker’s club into a landmark destination for the local community," Mr Morris said.

It is a three-story and mixed-use hospitality asset with four separate but interconnecting dining areas: Huxley's, Uglys pizza, The Botanical and Public House.

Ray White Commercial NSW – Sydney city fringe co-principal Justin Rose said it is rare to have such a long and secure lease with a group that’s committed to the area. He added that there is future development potential to add accommodation and a rooftop bar.

The private owners declined to comment on a price, but similar sites have sold for about $15 million-plus.