Warehouse fetches $5.7 million, just $10,000 shy of the Surry Hills record
The freestanding Surry Hills warehouse at 8-10 Marlborough Street has been sold for $5.7 million to an owner occupier who will operate a performance studio at the premises. It sold just $10,000 shy of the suburb's warehouse record price.
Set on 501 square metres, it offered 986 square metres of space with concrete floors, industrial stairwells, exposed beams, timber-clad ceilings and the original open roof trusses.
It was marketed through BresicWhitney agents Shannan Whitney and Nic Krasnostein as an opportunity for residential/commercial redevelopment given its B4 mixed use zoning.
It has been tenanted offices for the Big Day Out and International Music Concepts.
It last sold in 2001 for $2 million, reflecting 8.4% annual price growth.
Called on market at $5 million, when residential developers were effectively price out, there was ensuing competition from another owner occupier who wanted it as a residence.
The Surry Hills warehouse record stands at $5.71 million through BresicWhitney and McGrath in February last year when vendors Neville Miles and his artist wife, Beryl sold their extensively renovated 247-square-metre Bennett Place holding, marketed as arguably Sydney’s finest single-dwelling warehouse.
The previous Surry Hills warehouse record holder was sold in late 2011 on Riley Street by entrepreneur Duncan Burns for $4 million through Laing + Simmons Double Bay and BresicWhitney. Property Observer notes a $1 million renovation was subsequently proposed for the 297 square metre land holding.
