'Derelict' Sydney warehouse sells for $1.01 million
A derelict warehouse in Sydney's west has sold for seven figures due to favourable zoning and a strategic location close to major corridors.
The property at 16 Mary Street in Regents Park changed hands for $1.01 million to an owner-occupier who plans to use the space for a painting and tiling business.
Zoned as R2 low density residential, the property on Mary Street also has development approval for an attached dual occupancy.
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Inside the current warehouse at 16 Mary Street in Regents Park. CBRE
Zoned as R2 low density residential, the property on Mary street also has development approval for an attached dual occupancy. CBRE
Sitting on 589 square metres, the price for the site is not outrageous compared to the Sydney median.
Robert Dowdy of CBRE said the property was keenly sought after among those wishing to take advantage of its location between both the M4 and M5 motorways.
"The tightly held nature of the location, the affordable price point and the property's renovation and development potential meant the site was keenly sought by owner occupiers and residential developers," Mr Dowdy said.
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No word has been given as to whether the existing warehouse will be knocked down.
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