Port Adelaide warehouse snapped up under the hammer for $1.1m
8A Todd & 12 Timpson streets, Port Adelaide. Pic: realestate.com.au
The sellers of a 1930s warehouse at the heart of Port Adelaide have offloaded it for almost double what they paid for it five years ago.
Property records show they snapped up the two-storey building with two street frontages at 8A Todd and 12 Timpson streets for $650,000 in December 2016 and sold it at auction this month for $1.1 million.
Formerly known as the Pelican Design Gallery, the warehouse was used as an art gallery with studios before the sellers purchased it.
8A Todd & 12 Timpson streets, Port Adelaide. Pic: realestate.com.au
8A Todd & 12 Timpson streets, Port Adelaide. Pic: realestate.com.au
8A Todd & 12 Timpson streets, Port Adelaide. Pic: realestate.com.au
Ray White Port Adelaide principal Nick Psarros, who sold the property with Penny Papazis, said the sellers had invested a fair bit into the building over the years in a bid to convert it into a loft-style home.
“They’ve done some insulation, plumbing and rewiring,” he said.
“They were going to live there and turn it into a residential property but they decided not to do it, their plans changed.”
He said it was hotly contested at auction, with a handful of prospective buyers keen to snap it up.
8A Todd & 12 Timpson streets, Port Adelaide. Pic: realestate.com.au
8A Todd & 12 Timpson streets, Port Adelaide. Pic: realestate.com.au
“We had three registered bidders and it got to $1.1 million pretty quickly,” he said.
All three parties interested in the warehouse, which is on a 530sqm allotment, were interested in it for commercial purposes, Mr Psarros said.
He wouldn’t reveal what the buyer planned to do with the property but said it would be beneficial to the area.
“What they’re going to do there, it’s going to be good for Port Adelaide,” Mr Psarros said.
