A near record price of just under $40 million for the sale of an industrial property in Sydney’s Marrickville has been achieved in an off-market sale, showing no signs of the industrial property market slowing during the lockdown in the city’s inner west.
The of Rich Street property is the largest sale to occur in the tightly held suburb all year.
The 8,500 square metre property spans across three street frontages – Rich, Chapel and Sheppard Streets – and currently houses two industrial tenants across the entire site.
The purchasers are believed to be the same developers behind hospitality and retail development, Precinct 75 in St Peters, with the Marrickville site expected to receive a similar, successful transformation.
X Commercial South Sydney sales agent, Marcus Schraag, said “The historic commercial building features a range of exciting and character-filled elements, making it attractive for its future use as a creative, retail and hospitality precinct in the heart of Marrickville.
“Warehouses and factories offering attractive bones and features are becoming increasingly sought after for commercial conversions into creative office space, micro-breweries and cafes”, he added.
Mr Schraag said there was an increasing trend for large industrial sites across some Sydney pockets to be transformed from traditional industrial areas to become trendy mixed-use, creative precincts for use in hospitality and retail, commercial offices or even residences, subject to zoning.
X Commercial sales agents Marcus Schraag and Daniel O’Brien completed the off-market transaction.
