$5.5 million for former Dairy Bell factory in Sydney
The iconic Dairy Bell building in Camperdown has hit the market.
The former factory is a two-storey industrial building spanning 1262sqm internal floorspace with north-eastern frontage onto Gibbons Lane. Offers start at a cool $5.5 million.
Marketing agents Stuart Cox and Neil Cooke say the well-located property presents a rare opportunity for the savvy property developer or investor.
“Given the less desirable existing floor space ratio (0:6:1), the building lends itself to a residential conversion into terraces or apartments,” Cooke says.
“With existing ceiling heights of around four metres we believe that the second level could accommodate very attractive loft-style accommodation.”
Cooke says there has been a diverse range of buyers that have come to inspect the property already, including student accommodation providers, boarding house providers, industrial owner occupiers, medical practitioners but mostly residential developers.
“The market in Camperdown is considered very strong at present from a residential perspective with very few opportunities coming to market in this location.”
Cooke says a potential residential conversion site situated across the road from 44-50 Australia Street (101 Australia Street) sold for $2.35 million after being on the market for only three days.
“This property possessed a site area of circa 240sq m (approximately one quarter of the size of 44-50 Australia Street) making the Dairy Bell Ice Cream factory site a very appealing opportunity with a price tag of $5.5 million plus.
“We expect the property prices to continue increasing within Camperdown over the next 12 months due to this limited supply of properties combined with the favourable location, low interest rates and falling Australian dollar.”
The sale of the property at 44-50 Australia Street comes as the popular Dairy Bell ice-creamery officially closes up shop.
An ice cream supplier to the major supermarkets, Dairy Bell owner and founder Andrew Razums announced the news earlier this year, blaming supermarket ice cream wars for eroding Dairy Bell profits and weekend penalty rates for making its retail outlets run at a loss.
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The old Dairy Bell building is scheduled for auction on Tuesday, August 11, at 10.30am.