Savills News

Tasty treat for investors in Sydney’s trendy Newtown

Iconic 1920’s Confectionary Warehouse hits the market for the first time in 40 years

The hottest ticket in Sydney’s City Fringe Warehouse market looks set to sell for the first time in 40 years, as the 1920’s Confectionary Warehouse at 10-12 Egan Street, Newtown goes under the hammer next month, through Savills Australia.

This historic 1920’s creative warehouse building in the heart of Newtown is located at 10-12 Egan Street and spans over two (2) floors comprising approximately 612sq m of internal area. There are two separate building entrances with rear lane access and a roller door, as well as an outdoor terrace.

The property offers investors, owner-occupiers, developers and residential buyers a genuine blank canvas suitable for a conversion of any kind (STCA) and allows for a variety of future configurations and uses including multi-level office, hospitality, retail, residential or student accommodation (STCA).

According to David Hickey, Senior Executive, Metropolitan & Regional Sales at Savills Australia who is selling the property alongside colleagues Tom Tuxworth and Nic Tuxworth, “The exposed high ceilings, architecture, exposed brickwork of these unique warehouse buildings provide evidence of the major change that has occurred over the course of last 100 years.

“Factories and old industrial warehouse buildings like 10-12 Egan Street, Newtown attract tenants, occupier and investors who are drawn to buildings that offer level of character and nostalgia that new buildings cannot offer,” he said.

The property is in close proximity to all forms of public transport including both Macdonaldtown Newtown train stations, and a wide range of bus services with multiple stops along King Street and is situated around the corner from the bustling 7-day/24-hour King Street retail trade precinct, which enjoys premium lifestyle amenities as well as national and international retailers and restaurants.

“10-12 Egan Street, Newtown is heritage listed and we feel buyers will look to maintain the old confectionery buildings distinctive character when adapting the building for reuse suiting either commercial or residential” said Mr Hickey.

Nick Tuxworth, Associate Director, Metropolitan & Regional Sales at Savills Australia “The property has been owned and occupied by one of Australia’s leading live theatre painting studios for the past 40 years and we expecting the strong interest to continue from the local and offshore owner occupier market looking for a freehold building in the city fringe for business requirements.”

The property is offered for sale by Public Auction on Friday 11 October through Savills Australia.

Comparable Warehouse Sales

Address

Price

Yield

Building Rate

4-8 Australia Street, Camperdown

$12,000,000

3.90%

$6,660 p/sqm

8 Cunningham Street, Haymarket

$5,600,000

Vacant

$12,990 p/sqm

18 City Road, Chippendale

$4,800,000

1.13%

$10,650 p/sqm

332 Kent Street, Sydney

$25,000,000

3.99%

$15,933 p/sqm

109 Riley Street, Darlinghurst

$5,505,000

Vacant

$9,524 p/sqm

47 Albion Street, Surry Hills

$5,060,000

Vacant

$16,428 p/sqm

Source: Savills Australia and RP Data

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