This article is from the Australian Property Journal archive
MORE than $30 million is expected for a landholding made up of auto workshops and coffee roasters, and located 180 metres from Green Square train station in Sydney’s inner southern urban renewal precinct.
The combined 3,307 sqm site at 20-26 Bourke Road in Alexandria is subject to an office concept DA created by SJB Architects has been lodged that could potentially allow for 13,724 sqm of development, with the site able to hold a height of 45 metres.
The transformation would provide an A-grade carbon-neutral office space alongside the existing Mecca Coffee Roasters café and roastery.
Colliers’ Michael Crombie and Trent Gallagher have the listing on behalf of Addenbrooke.
“Sites located within 200 metres from rail are certainly well received by the occupier market,” Crombie said, adding that coupled with the office DA and potential floor area should also attract developers.
Gallagher said the property has “unbeatable” development potential whilst the assets hold their own in value as freestanding industrial buildings on multiple titles.
The properties are located next door to a proposed brand-new health facility being developed by Centuria, which opens the door for a similar style of development on the newly offered site.
Existing building area across all lots is 2,975 sqm and the property is well-positioned for a new lease of life, with most tenancies leased on a month-to-month basis.
“Addenbrooke is looking to divest as we continue to add value and enhance our existing pipeline of office, residential and marina assets in Sydney,” said Addenbrooke managing director Ned O’Neil.
“We have amalgamated this site over the last four years and it is probably the best holding in Green Square. We recently lodged a development application for a beautifully designed building by SJB Architects. We believe that Green Square is well on its way to becoming the premium city fringe market with unrivalled amenity and public transport access.”
Infrastructure investment in the southern Sydney region includes the extension of Geddes Avenue, the Waterloo Metro, the newly constructed WestConnex and footpath widening on Bourke Street. The site is also close to Gunyama Park Aquatic Centre, Green Square Library and cafés in restaurants makes it an ideal place for employees, the agents said.
Expressions of interest close Wednesday, 20th September.
ASX-listed A2B recently offloaded a site in the Green Square urban renewal precinct for $78 million to developer Double Space, a joint venture between Enice Technology Co. Ltd and Bestplace Corporate Limited. Double Space owns sites around Alexandria, including two large-scale residential development projects.
A2B listed the 9,022 sqm O’Riordan Street property last year alongside the 1,940 sqm 9-13 Bourke Road site with expectations of a combined $100 million. Both sites have flexible B7 Business Park zoning in place. The Bourke Road site was sold in December for $19 million to Singapore-based self-storage property investor and developer StarHub.
