Interest in trendy inner city sites in Sydney such as Marrickville is exploding

Interest in older commercial sites in pockets of inner city Sydney, with the potential to be transformed to match the community vibe of trendy precincts, is booming.

Two such major commercial properties have arrived at market, presenting commercial development opportunities in the heart of Marrickville, 7km southwest of the Sydney CBD.

Located in the suburb’s cafe and shopping district, the commercial shop and retail properties of 393 and 395 Illawarra Rd are available for the first time in 25 years.
MORE:
Federation mansion in Mosman has $19m-plus hopes
The ultra-luxe listings going viral this month
Luna Park rides force Big Dip in sale

393 & 395 Illawarra Rd, Marrickville NSW

Presented by LJ Hooker Dulwich Hill commercial agent Yianni Karakikes, the 304 sqm property features two retail and commercial spaces alongside two private residences.

Situated close to Marrickville train station, the property is in a prime corner position which features great exposure thanks to its street frontage with plenty of foot traffic.

According to Mr Karakikes, the retail spaces are perfectly suited to a restaurant, cafe or boutique store.

The retail spaces provide the opportunity to develop a restaurant, cafe or boutique store.

“This is a good spot for both investors and developers,” Mr Karakikes said.

“It’s an old building in an industrial zone and provides opportunities to rejuvenate the shops and the apartments – it’s been a crazy time in the area.”

Mr Karakikes explained that part of the appeal of commercial properties like the one on Illawarra Rd generally revolves around their proximity to the city centre.

The outside area of the Illawarra Rd property.

“Despite rents going through the roof, commercial prices have stayed steady in Marrickville – there’s been no dramatic increase in the past 12 months.”

The auction of Illawarra Rd will be held onsite on the 9th April.

Meanwhile, a commercial property on 219 Marrickville Rd has been offered for the first time in over 35 years.

219 Marrickville Rd, Marrickville NSW (on the right)

The 160 sqm property is a two level retail and commercial building that includes a ground floor retail area which is offered with a vacant possession.

Brought to market by Raine & Horne Commercial real estate agent Nicholas Smith, the property provides the opportunity to invest, occupy, or renovate.

“The vendors who previously had this property have retired and are happy with how their commercial investment has paid off,” Mr Smith said.

Marrickville has recently seen a lot of older retailers selling to vibrant commercial owners.

“There’s a lot of new faces in the area, which has been dormant for years, that arrived to clean it up. More people mean the area has gotten quite busy.”

The Marrickville Rd property will be auctioned off on the 5th April – following a current trend where old school retailers may close to give way to new, vibrant commercial owners.
MORE:

31-year-old Canva marketing whiz’s mega Bondi buy
What will flooding disasters do to house prices?
Rental supply getting tighter in inner-city markets