An abandoned Balmain warehouse dating back to the 1930s has been snapped up by a developer for $6.65 million.
The 960sqm lot at 73-75 Beattie Street is currently occupied by a factory that started its life as a Derrin Brothers’ grocery store.
Having been home to a variety of companies and industries since Derrin Brothers’ vacated in the 1950s, the building most-recently acted as an art gallery.
Its new owner intends to develop the address within Sydney’s coveted inner-west into residential apartments or terraces, having already completed a number of projects in the area.
Just off Montague Street, the site has dual frontages on Beattie Street and Little Llewellyn Street, and is a short walk to Darling Street’s vibrant retail and dining hub.
It offers easy access to the Balmain waterfront and Sydney CBD, just 5km away, through buses on Montague and Darling Streets.
The site went under the hammer through CBRE’s Adam Droubi, Matthew Fenn and Nicholas Heaton, with the auction attracting 10 eager bidders.
“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,” Mr Fenn said.
“This sort of development opportunity is rare, especially in Balmain, which is a highly-sought-after and tightly-held suburb.
“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.”
The 960sqm lot at 73-75 Beattie Street is currently occupied by a factory that started its life as a Derrin Brothers’ grocery store.
Having been home to a variety of companies and industries since Derrin Brothers’ vacated in the 1950s, the building most-recently acted as an art gallery.
Its new owner intends to develop the address within Sydney’s coveted inner-west into residential apartments or terraces, having already completed a number of projects in the area.
Just off Montague Street, the site has dual frontages on Beattie Street and Little Llewellyn Street, and is a short walk to Darling Street’s vibrant retail and dining hub.
It offers easy access to the Balmain waterfront and Sydney CBD, just 5km away, through buses on Montague and Darling Streets.
The site went under the hammer through CBRE’s Adam Droubi, Matthew Fenn and Nicholas Heaton, with the auction attracting 10 eager bidders.
“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,” Mr Fenn said.
“This sort of development opportunity is rare, especially in Balmain, which is a highly-sought-after and tightly-held suburb.
“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.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
