This article is from the Australian Property Journal archive
A RENOVATED heritage-listed building in Sydney’s inner south on a low-coverage site is on the market with expectations of $20 million.
The property at 40a-42 Maddox Street, Alexandra is currently improved by a 2,480 sqm industrial workspace and is offered with a short-term holding income with huge rental reversion, with a potential net market income of $1,420,000.
The site spans 5,615 sqm of land with E3 productivity support zoning that provides value-add and development potential. It also comes with scarce car parking, with over 60 spaces on site.
Colliers’ Trent Gallagher and Michael Crombie, in conjunction with Steffan Ippolito of IB Property, have the listing.
“The current building only covers circa 37% of the site. Given the 18-metre height limit and potential for 8,423 sqm of gross floor area, this is a premier opportunity for buyer to occupy in the interim and look to lodge a DA and redevelop in the future,” Ippolito said.
Crombie said that with a high car parking ratio the property provides a blank space to suit a multitude of owner occupiers.
Gallagher said the “abundance of car parking and low site coverage is unheard of within the Alexandria industrial and commercial marketplace”.
Expressions of interest close 19th June.
