Sydney, 30 March 2016 – A private local group has snapped up a vacant Chippendale warehouse for over $2.8 million, to benefit from the prime location in one of Sydney’s key creative arts districts.
Located at 69 Abercrombie Street, the 485sqm three-level building was offered to the market with vacant possession and provides a strong land bank opportunity.
CBRE’s Gemma Isgro and Nicholas Heaton negotiated the sale on behalf of the local vendor - who identified that the property was not currently being utilised to its fullest potential given the current market conditions.
Ms Isgro said the vendor identified that it would be more profitable to off-load the property to a savvy buyer who could uplift the income.
“The building was hotly contested, with over 250 enquiries received throughout the tender campaign.”
“As the CBD continues to expand and fringe areas such as Chippendale are revitalised, we are seeing more local buyers targeting strategic buildings as ‘land bank’ sites for future development.”
“New York style mixed-use warehouse conversions have shown to be in high demand in city fringe suburbs and the buyer intends to undergo an extensive internal refurbishment, with plans to develop retail, hospitality and commercial aspects,” said Mr Heaton.
The site benefits from a combined 30 metres of frontage to Levey and Abercrombie Streets, sunny north easterly aspect, adjacent proximity to Fraser’s Central Park development and flexible mixed use zoning.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
