Summer Hills ice cream factory a scoop for developers
The former Summer Hills site of inner west icon Glacé ice cream, is set to make way for an apartment development.
The 925sqm Smith St block is one of the last raw sites located near the Summer Hill train station and light rail stop.
It is now expected to sell for more than $4 million.
Commercial Insights: Subscribe to receive the latest news and updates
The listing follows Marrickville ice cream company Nice Cream taking over Glacé from its founder Marilyn Lean at the start of the year.
Expected to sell for more than $4 million, the block consists of an ice cream cake factory and a three-bedroom residence.
With R3 medium density residential zoning, 39 Smith St could be turned into a townhouse or apartment development, according to Matrix Property Group associate director Peter Panagopoulos.
“This is a rare opportunity for buyers, as there are not many that come up this close to the station,” he says.
“Under the zoning you can build up to nine metres or about three storeys.”
Panagopoulos says if a developer adds affordable housing to the site, planning authorities sometimes permit increased density.
The Glacé site follows a string of developments that have popped up in the Summer Hill in recent years.
Since launching last week, Panagopoulos has had more than 30 inquires on the property.
“The current market means a lot of developers are looking for smaller sites like this,” he says.
“Summer Hill is also a no fail suburb for developers, because there is a shortage of stock, but high demand.”
Glacé has been running an online store and factory out of the site until it moved to Marrickville as part of its new ownership.
In 2015, it was named as one of the top 10 ice cream manufacturers worldwide by American Express.
This article from the Inner West Courier originally appeared as “Iconic Summer Hill ice cream site to make way for apartments”.