Balmain commercial site with triple street frontages up for grabs
189 Darling St & 7 Waterview St, Balmain NSW
One of the largest land sites in the Inner West in a decade has arrived to market with a $20m price guide.
On offer for the first time in over 65 years, the site of 189 Darling St and 7 Waterview St presents over 2,350 square metres with retail, residential and parking.
It includes a 43 metre frontage to Darling St and 39 metre frontage to Waterview St at the rear.
An aerial overview of the site at 189 Darling St and 7 Waterview St in Balmain
The site is twice as big as the previous largest property sold in Balmain and Rozelle earlier this year at 73-75 Beattie St, which sold for $12.35m.
According to Colliers Director James Cowan, the property currently includes 29 residential apartments, an open air parking area and five retail shops.
“Balmain has long been overlooked by the investment and development market due to perceived council pressures and the lack of its appeal on a global level,” Mr Cowan said.
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The site is twice as big as the previous largest commercial site sold in Balmain.
“This site … supports the theory of bulk and scale in a market fundamentally undersupplied by residential accommodation. In recent campaigns at 17-37 Wollongong Rd Arncliffe (sold for $31m), Doctors on Darling Balmain (EOI closing with numerous offers north of $10m), and one in Five Dock guided at $350m, we received an average of nine offers equating to more than $3.5bn of unplaced and aggressive capital.”
The property can be further developed into residential apartments, a duplex, townhouse, dwelling, or a mixture of the housing types.
It is expected to gather interest from a range of buyers including general investors, renovators, and residential developers.
“With WestConnex, the White Bay Power Station upgrades, Bays Precinct Upgrades and highly publicised Balmain Leagues Club proceeding to construction, we are seeing a serious shift in buyer appetite.”
Developers in particular would be able to take advantage of existing residential zoning and apartment buyer appetite for residential developments.
Expressions of interest close later this month.
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