Marrickville apartment site sells for $9.35 million to interstate buyer

A commercial building with development approval in Sydney’s inner west has sold for $850,000 over the reserve at auction. The vacated three-level mixed-use Marrickville property was sold for $9.35 million to an interstate investor during an online auction that attracted nine registered bidders. The buyer has future plans to convert the building to residential apartments, with retail on the ground floor. It was sold by the Tsimnadis family who have owned the property since 1975 and constructed the existing building. The auction campaign for the property was run by Anthony Pirrottina and Demi Carigliano of Knight Frank and Christian Frangelli of Bawdens. The Marrickville building currently has an internal area of 1,800sq m, with an existing basement car park for 20 vehicles. It sits on a high-profile 875sq m site with three street frontages – to Marrickville Road and Tuohy Lane. It has development approval for 20 residential apartments and 1,177sq m of commercial building area at 310-312 Marrickville Road. Carigliano said it was located just a short walk from the Marrickville and Sydenham train stations, both of which are being upgraded to form part of the new Sydney Metro network, and there are bus stops at the property’s doorstep on Marrickville Road. “There is also strong surrounding amenity within walking distance, which includes the forthcoming Danias Family/Toga development which will add to the already an impressive array of cafes, restaurants, gyms, bars and speciality retailers. “The development potential was also attractive, particularly the fact that you can convert the building, which already has basement car parking, so it’s much cheaper and easier to build,' he said.