The home of one of Darlinghurst’s boutique creative spaces, David Stein & Co has recently hit the market – following a flurry of recent transactions and listings in the Sydney art sector.
Located at 32b Burton Street, the 63sqm site offers high clearances of 12 metres, CBD skyline views and favorable B4 mixed use zoning, allowing a broad range of uses including residential, commercial, retail, hotel/accommodation.
The space further benefits from desirable city fringe location within walking distance of the vibrant ‘East Sydney’ Village, Surry Hills, Oxford Street, Hyde Park, Potts Point and Woolloomooloo - all of which offer an abundance of amenities and a wide selection of trendy dining and entertainment options.
CBRE’s Gemma Isgro, Nicholas Heaton and Michael Khouri are negotiating the sale on behalf of eminent art conservator David Stein, who is relocating to a larger site in Alexandria.
Mr Stein is a prominent figure in the art world, with the Burton Street space acting as home to his art restoration business, David Stein & Co, since 1993. The business has been cleaning and retouching masterpieces for Sydney’s rich and famous, including Dennis Savill and Justin Miller, for 23 years.
Ms Isgro said strong interest is expected from a range of owner occupiers, investors and developers, underpinned by the limited competing supply and strong demand for strategically located properties in Sydney’s fringe suburbs.
“The site’s development upside and flexibility of end use should encourage a competitive sales campaign, with purchasers taking a long-term strategic view when acquiring sites in the area.”
32b Burton Street, Darlinghurst will be offered for sale by via a public auction held on Saturday, November 5 at 10am.Prices are expected circa $2 million.
In further evidence of the strength of the art sector recently, Tap Art Gallery at 278 Palmer Street is also being offered to the market. The 406sqm site benefits prime positioning within walking distance of Hyde Park, the CBD, and amongst Darlinghurst’s bustling lifestyle offerings – including trendy restaurants, bars and cafes.
“Creative spaces such as galleries are currently coveted investment assets, due to the strength of the art sector which is making these spaces a stable investment,” Ms Isgro added.
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