Glenmore Meat Co site in Sydney's Glebe sells to Chinese buyer for over $23.5 million
A site housing a half-a-century old meat company based in Sydney’s fringe suburb of Glebe has sold for for $23,580,000 to a local Chinese developer, AVP Developments Pty Ltd.
‘The Glenmore’, at 40-46 Wentworth Park Road, currently houses the Glenmore Meat Company.
The Glenmore Meat Company became popular with Sydney-siders, with its origins dating back half a century to a small meat company based in Paddington’s Glenmore Road. It was founded in 1967.
The 2,034 sqm site was being marketed by Colliers International’s Ryan Bennetts and Guillaume Volz through an expressions of interest campaign that closed on May 24. It was expected to fetch around $20 million.
According to the selling agents, there were 26 bids and more than 250 enquiries and several bids exceeded the price expectations.
“The Glenmore was one of the most hotly contested development sites we’ve seen this year,” said Ryan Bennetts.
“Glebe is shaping up as one of Sydney’s most desirable residential markets given its proximity to the CBD, walking distance to Sydney’s leading universities and upcoming rejuvenation of White Bay and the Fish Market precinct.”
The suburb is well positioned to take advantage of the redevelopment of the Bays Precinct, which is expected to become a hub of enterprise, activity and beautiful spaces.
Bennetts added that the sale and interest in the site showed developer preference for owner-occupier style product with townhouses most likely for the site, particularly with a scarcity of the townhouse-style product amid many high-density projects in the area.
The sale follows the success of the Roxy-Pacific development West End Residences nearby, which sold 70 percent of the apartments on its first day of launch on April 1.
Located just 3 km south-west of the Sydney CBD, Glebe was traditionally regarded as a working class suburb on the city fringe, but over time has emerged as a hotspot for tertiary education, retail and community living.