Not your average warehouse: Unique commercial properties entice investors
The Glebe site currently has a $104k per year lease to ‘The Genki Centre’, which expires in April next year.
A former laboratory turned estate of an art collector is the latest unusual property to hit the commercial market, with quirky opportunities enticing investors.
Situated at 125A Kent St in Millers Point, the mid-century brutalist-style property has high ceilings, concrete floors and is situated behind terraces that have a strong historical significance for Sydney.
Given the planning controls, an occupier has the opportunity to add value through increasing the height and includes the Harbour view to the north and west.
The former laboratory was transformed into an art collection.
The three-level concrete warehouse has both commercial and residential zoning.
The former lab is one of many commercial properties listed by BresicWhitney’s Shannan Whitney.
The concrete warehouse building sits at the end of a cul-de-sac among a mix of residential and commercial buildings near Barangaroo.
“A lot of the properties that we’ve listed for sale fall under a broad category of historic commercial options. These are the random gems that have a high level of desirability and often we see their sale performance driven by the property’s aesthetic appeal,” Mr Whitney said.
“One thing we are increasingly finding is that the lines are being blurred between residential and commercial usages. Assets like the ones we’ve listed have had their interest driven by the broader market, investors and owner occupiers like the versatility and the various income uses provided by the properties.”
A view from the front of the building.
Another listing, built in 1960 as a four level building consists of four open plan floor plates plus an additional roof terrace with views to the CBD.
Many original features of 61 Pine St in Chippendale are still intact, including the original lift and stairwell with access to all levels.
Originally constructed in 1960, the commercial ‘Majo’ building in Chippendale consists of four open plan floorplates plus an additional roof terrace with CBD views.
The listing provides investors to secure an undeveloped inner-city building within the suburb’s creative precinct.
Mr Whitney’s final commercial listing is perhaps his most well known, with a commercial site on the corner of one of Sydney’s buzzing university precincts and city fringe.
The Chippendale site provides commercial buyers with a rare opportunity to secure an entire undeveloped inner-city building in the suburb’s creative precinct.
Currently operating as a medical practice with multiple consulting rooms, 1 Arundel St in Glebe holds potential for ideas from future residents, owner operators, investors and more.
The site was formerly used as a cafe run by the well-known Hernandez family.
The Glebe commercial site is currently set up as a medical practice with consulting rooms and has attracted future residents, owner operators and investors.
It is a well-recognised corner building that has scope to become a unique home and take on a new life.
“Its worth noting that rarity in the commercial market can be incredibly attractive for commercial buyers. Its hard to pinpoint one exact trend, but most of the properties in Sydney’s inner west usually sell for about $9m or $10m.”
MORE: Sydney’s ‘best view from the bath’ to smash records
