Breakfast Point’s largest property almost claims suburb record

The largest landholding on the Parramatta River at Breakfast Point is set for an exciting future after being snapped up by a local family.

The heritage-listed property once used a blacksmith’s workshop traded on Friday for $7.3 million after hot competition from nine parties.

CoreLogic reports 123 Peninsula Dr narrowly missed out on the suburb record by the razor thin margin of $80,000.

Ray White Commercial agent Peter Vines says it was huge result for the market during the COVID-19 pandemic.

It sits on 3137sqm of level waterfront land.

“To have nine parties make an offer is huge for anything at the moment and is a positive sign,” he says.

“The virus did shut-out a number of commercial users who had looked at using it as a function hall.”

Although the 3137sqm landholding had been expected to sell for $8 million, Vines says all parties are over the moon with the result.

The developers of Breakfast Point have restored the building.

“It was a ballpark figure as unlike a house or building, we never knew where the value sat for the property due to it being a unique and rare offering,” he says.

Dwarfed by apartments in the masterplan suburb, the 1891 heritage listed building was the last waterfront property to be sold of by the developers of Breakfast Point.

Offering 400sqm of internal space, it had been used by developers for the past several years as a display suite to show prospective buyers how their new residence can look.

The new owners plan to convert the site into a private residence.

It features high exposed warehouse ceilings and the walls are lined with arch windows to allow plenty of natural light to flow in.

The building with original roof beams and bricks intact is also surrounded by a wraparound veranda and manicured lawns.

Vines says the new owner plans to convert the building into a luxury private residence with river views.

It had been used as a display suite.

“It would have been a great high end restaurant, but residential buyers won out on the day due to timing,” he says.

The last waterfront property in this part of Breakfast Point to sell was a 607sqm home that sold in 2018 for $7.38 million.

Breakfast Point was until the mid 1990s a gasworks facility used by AGL to supply most of the gas Sydney used at the time.

This article from the Inner West Courier originally appeared as “Breakfast Point developer sells final waterfront property for $7.3 million to local family”.