Former fire station offers ultimate investment opportunity
An historic inner-city firehouse has been listed for sale for the first time, with price expectations of over $10m.
The two-storey converted Stanmore Fire Station at 308-314 Stanmore Rd in Petersham has 27 rooms and provides mixed-use flexibility for prospective buyers.
Currently operating as a luxury Airbnb, the property maintains its heritage features with an easily recognisable facade and occupies an 891sqm corner position with two street frontages.
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This historic Petersham firehouse sold for $10m.
Brought to market by the Colliers team of Harry Bui and James Cowan, the property includes offices, a boardroom, bedrooms, storage, seven bathrooms and toilets.
“This building is a rare opportunity to acquire a community landmark in a tightly held precinct, nearby to what is becoming Australia’s central cultural hub in Newtown and Marrickville,” Mr Bui said.
“We’re finding that offshore buyer interest is returning given recent border reopenings and the stability of the Australian real estate market when compared globally. These buyer groups have experienced generous capital growth in recent years if they’ve held real estate in Sydney and accordingly, are eager to deploy more capital in a transparent and high performing landscape.”
Offshore buyer interest is returning given recent border reopenings
“The added benefit of this property, and what makes it unique, is the versatility in occupation and generous returns it offers. We are expecting a wide variety of interest from residential owner-occupiers, commercial owner-occupiers, hotel operators and developers,” Mr Cowan said.
The property was the first fire station to be erected in metropolitan Sydney after the establishment of the Metropolitan Fire Brigade in 1884.
Originally known as ‘No.3 Station Marrickville,’ the fire station ceased operations in 1991 and has been upgraded to includes residential and hospitality uses.
The firehouse was turned into a luxury Airbnb.
“We expect to see high net worth individuals, property syndicates and institutions continue to seek out land banking opportunities to future proof their land area and enjoy the benefits the inner west and city fring has to offer.”
The vendors explored numerous value adding options over the years, including but not limited to hotel development, commercial owner occupation and residential occupation.
Elsewhere in the city, a private developer has purchased a 957sqm residential development site from a private vendor for over $12,350,000 in a deal facilitated by Colliers agents Trent Gallagher & James Cowan.
Originally known as ‘No.3 Station Marrickville,’ the fire station ceased operations in 1991.
The campaign attracted 243 enquiries from local, wider metropolitan and overseas developers, with the site ultimately exchanging one week before expressions of interest closed.
According to Colliers National Director Trent Gallagher, the deal represented a strong return for the vendor, which purchased the property for $6,850,000 in 2020.
“Balmain & Rozelle has consistently outperformed the wider market given its proximity to the CBD, strong demographic, accessibility and lack of land supply. Government infrastructure announcements such as WestConnex and Sydney Metro West have further bolstered this demand in recent months,” Mr Gallagher said.
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