Princeton to build apartments in the heart of Balmain
Sydney-based investment house Princeton has recently acquired one of the last remaining warehouse conversion sites in the Balmain Village Precinct, worth a combined value of $40 million.
The 960 sqm inner-west site at 73-75 Beattie Street will house just five three-bedroom terraces along with a one-of-a-kind New York loft-style four-bedroom penthouse, with views to the Sydney Harbour Bridge and city skyline.
Construction will kick off in the first quarter of next year as the new residences position themselves as welcome addition to the affluent suburb.
While Sydney property prices show signs of dropping, the latest CoreLogic figures show Balmain has experienced a steady increase over the last five years, with a growth rate of nearly 20 per cent over the last twelve months and a current median sales price of $2.7 million.
Render of the proposed Beattie St. development.
Princeton founders, George Gadallah and Craig Anderson said the new addition provided the perfect step for their quick growing investment portfolio in Sydney’s inner-west.
“The acquisition of the Balmain site is an exciting leap forwards for Princeton in the highly competitive inner-west market,” said Gadallah.
“Balmain is one of Sydney’s most in demand suburbs and continues to outperform the wider market due to government infrastructure announcements such as WestConnex and Sydney Metro West, as well as its proximity to amenities in the CBD, strong demographic and lack of land supply.”
“This development will offer home buyers dynamic, terrace-style living with unparalleled views of Sydney’s world-famous harbour, with each terrace providing a separate home office or rumpus room above basement car parking.”
“It’s going to be exciting to see this project come to life over the coming months/years and cement itself as a crown jewel of the inner west,” Gadallah added.
The Balmain project will join an already strong portfolio from Princeton, including the underway Botany project, Baronet & Banks, Serrata in Blakehurst, and luxury living development in Bondi Beach with Eurangi.