Princeton commences construction at new Balmain warehouse redevelopment

Sydney-based investment house, Princeton, has commenced construction at their Balmain warehouse redevelopment.

They've appointed boutique construction company Urban Core to deliver the $40 million project at 73-75 Beattie Street Balmain, which will home just six residences.

The Balmain project is one of the area’s last remaining warehouse conversions. It will see this history-rich site transformed into bespoke New York loft-style penthouse and terrace-style dwellings offering extensive views of Sydney harbour, whilst maintaining the quintessential heritage look and feel, and most recognisable features such as the Derrin Brothers grocery store signage on its façade.

The Derrin Brothers grocery story was the victim of one of Sydney’s most famous grocery heists in 1938.

Urban Core were awarded the build after a competitive building tender process between five construction groups.

Urban Core’s appointment is a notable achievement for the groundbreaking female-founded and sustainability-forward construction company whose portfolio includes projects across retail, government, residential, workplace and education for clients such as Abadeen, Platform Projects, Winworth Property, Fortis, Woolworths and Apple.

Princeton’s Chief Executive, George Gadallah said Urban Core stood out in the way they ingrain sustainability and environmental measures into their projects

“Urban Core’s focus on environmental, social, and governance (ESG) felt like the perfect alignment for this forward-thinking build that proposes the challenging, but worthwhile task, of recycling the existing building, championing the sustainability principles that modern construction calls for, as well as paying respect to the building’s significance amongst the Balmain community.

"The head contractor plays a crucial role in how the final development looks and feels to owners, so it was important to us that our building partner aligned with our vision for the project."

Gadallah said the development offers contemporary living tailored to the needs of today’s urban dwellers.

“Our aim was to emphasise a fusion of modern design and the area’s rich history, for the future owners to enjoy,” Gadallah said.

When completed, the project will span 2,015 sqm across five spacious three-bedroom terraces and one four-bedroom penthouse and above-street-level secure car parking.

Urban Core’s Managing Director Dominique Gill said they are extremely proud to have been appointed the head contractor.

"Building relationships with like-minded partners such as Princeton on projects like this is the kind of ‘building’ that made me fall in love with construction in the first place.”

“Princeton’s Balmain Project invites a modern style of living into the idle industrial structures, giving 73-75 Beattie Street a new lease on life. At Urban Core, we have a unique perspective, and this project epitomizes that vision, with the combination of state-of-the-art contemporary design, preservation of past, and future-focused construction.”

Balmain joins an already strong portfolio from Princeton, including $300 million in residential projects underway including one-of-a- kind luxury living at Eurangi, Bondi Beach.