This article is from the Australian Property Journal archive
AN owner occupier has picked up a triple-fronted landholding in Sydney’s inner west for $7.67 million, winning out from over 200 eager parties with a bid $1.97 million above reserve.
Offered with vacant possession, the two storey commercial freehold at 248-250 Marrickville Road has a 575 sqm ground floor tenancy and 575 sqm of first floor offices, and offered multiple value add opportunities and flexible improvements suited a range of uses.
Selling agent Adam Bodon of Adam Charles, who managed the campaign in conjunction with Demi Carigliano and Anthony Pirrottina of Knight Frank, said the market is extremely competitive for well-located assets.
“This property had broad appeal due to its versatility and scale compared to other offerings in this suburb,” Bodon said.
“Generally speaking, we are seeing increased bidding activity on all development offerings with settlement terms tightening and the first signs of price growth in almost three years.”
The site generated over 34 inspections and bids from 13 parties.
Bodon added that the site offers three street frontages along one of Marrickville’s most desirable retail village settings, and the suburb is recognised as a highly prized location, undergoing widespread gentrification, with sustained improvement in local amenity as a result of rezoning of traditional industrial lands to alternate uses, and government investment in public transport projects.
The property has three substantial street frontages along Marrickville Road, Gladstone Street and Marrickville Lane of a combined 79 metres.
