Landmark Balmain building listed for sale with $8.5m price hopes
A striking heritage building with dual commercial and residential potential has hit the market in Sydney’s inner west.
Located at 28-30a Montague Street in Balmain, the 733sqm freestanding corner property was purpose built as Balmain Co-Op Society Limited in circa 1901.
Touted as one of the finest heritage premises in the area, the impressive three-storey building retains many turn-of-the-century hallmarks, including classic archways, original timber floors, internal brick walls and giant decorative windows.
It also comes with 10 on-title parking spaces – a rarity in Balmain.
Guided for $8.5m, the property is being sold via private treaty by the Mercer Property team of Tom Speakman and Matt Davoren in conjunction with Bresic Whitney.
28-30a Montague Street, Balmain, offers dual residential and commercial potential. Picture: realcommercial.com.au
With its short-term lease profile, Mr Speakman described the building as a flexible opportunity to renovate and reset rents, own and occupy, or convert into residential units (STCA) thanks to its R1 General Residential Zoning.
“You could easily transform the first level into one large home or multiple apartments whilst retaining the ground floor for commercial occupants,” he said.
The property was converted to an office building during the 1990s, with the current owner acquiring the building in 2006 for the purpose of housing his construction business, Ganellen.
Since then, it has been occupied by a diverse range of tenants, including a Google SEO business, an IT services company, and The Golf Travel Agency.
With its close proximity to Darling Street, Blackwattle Bay, and being just 4.5km west of the CBD, Mr Speakman said the successful buyer could take advantage of the precinct’s ever-growing demand.
The circa 1901 building has a price guide of $8.5m. Picture: realcommercial.com.au
“Balmain is like the Paddington of the inner-west and its cosmopolitan high street features a range of shopping boutiques and wine bars, not to mention the plethora of pubs to choose from,” he said.
“The area is also undergoing some serious infrastructure projects, including the Bay Precinct, the Bays West, Precinct Sydney Metro, and the White Bay Power Station upgrade.”
Mr Speakman noted that once these projects have been completed, values in the area will “continue to skyrocket.”
The property has already experienced a high level of interest since being listed, with over 100 inspections completed so far.
“Interest has come from all over Sydney, obviously from local high net worths, but also buyers from the Eastern Suburbs, Lower North Shore and Western Sydney,” said Mr Speakman.
Located near Balmain’s Darling Street, the property is also close to major infrastructure projects. Picture: realcommercial.com.au
28-30a Montague Street is for sale by private treaty.
