An abandoned 1930’s warehouse in Sydney’s Inner West has been purchased for $6,650,000 by an investor looking to develop the site into residential apartments.
Located at 73-75 Beattie Street, Balmain, the warehouse served as a factory for Derrin Brothers grocery stores but has more recently been used as an art gallery.
The property went under the hammer after a successful CBRE marketing campaign resulted in 10 eager bidders battling it out to get their hands on the 960 sqm block.
CBRE’s Matthew Fenn said that the site’s fantastic location was one of the main reasons why so many parties were keen to buy the warehouse.
“The lot at Beattie Street is large, adaptable and offers significant potential, with flexible planning controls in an affluent and much-loved part of Sydney’s inner-west,” he said.
This sort of development opportunity is rare, especially in Balmain, which is a highly-sought-after and tightly-held suburb.Matthew Fenn – CBRE
“That resulted in high demand and a competitive auction, in line with the extremely strong interest we continue to see in development sites in prominent Sydney locations,” said Mr Fenn.
The successful buyer intends to develop the property having already completed a number of projects in the area.
With proximity to Balmain waterfront and only five kilometres from Sydney’s CBD, the dual frontage property is primed to take advantage of the rising demand for housing in Sydney’s Inner West.