Warehouse Conversion

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The South Sydney industrial property market is undergoing an internal makeover, as warehouses are being converted throughout the Alexandria region to higher end functional buildings.
According to Edward Washer, Director, Head of South Sydney, Industrial and Logistics at Savills Australia, given its prime location to the CBD, airport, Eastern Suburbs and Inner west, South Sydney’s typical industrial buildings/sites are being adaptively converted into commercial, retail and residential.
Mr Washer said, “recent examples include 29-31 O’Riordan Street, Alexandria – an industrial building which has undergone a full refurbishment into a retail/commercial precinct and is home to Meat Emporium, Liquor Emporium, and more uniquely, Notaras Seafood restaurant."
“It’s not often a restaurant is built inside a warehouse, but if you look at what The Grounds of Alexandria did to their fit out space, it’s no surprise this is the way of the future for city fringe industrial warehouses, he added"
Another example includes 37-41 O’Riordan Street, Alexandria (City Close) – a traditional modern industrial estate going through adaptive refurb for commercial style tenants due to the demand, with the head offices of Koala Mattresses signing a 5 year lease and Dimeo Cleaning signing a 1 year.
Hayesbury, at 5 Hayes Road, Rosebery, is a traditional older style industrial site that Goodman are refurbishing into a high-end commercial space. Under construction at the moment however no tenants yet to commit.
The first property in 2020 to hit the market for sale is 1 Gillespie Avenue, Alexandria, a circa 20 year old industrial warehouse with a portion refurbished to a creative office, done so by the current tenant and fit out company, Intermain.
According to exclusive sales agents, Edward Washer and Sam Wallace of Savills Australia, the freestanding warehouse is a rarity in this market and is likely to be snapped up by either high net worth privates, property funds or institutions.
Edward Washer, Director, Head of South Sydney, Industrial and Logistics at Savills Australia said, “this is an extremely unique, flagship property and is on trend with what we have seen over recent years; warehouse conversions to office, retail, showroom or higher and better uses/occupiers."
“The strong tenant covenant adds further depth to the property’s appeal, given the reputation of Intermain and quality of the fit out” he said.
The holding, 1 Gillespie Avenue, Alexandria, is for sale via expressions of interest closing April 1 2019.
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South Sydney warehouse conversions perform strongly: Savills

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A converted warehouse apartment by famed Allan Jack+Cottier at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-darlinghurst-132756978" target="_blank">15-19 Boundary Street</a> was sold today.
The modern Darlinghurst apartment was sold on site through Bresic Whitney for $880,000. 
The one-bedroom apartment features double-height, floor-to-ceiling glass, oak floorboards, fully-tired bathroom, and laundry, intercom entry, and a parking space on the edge of Sydney. 
The former stocking factory was bought during the height of New York's warehouse trend and redeveloped into residential spaces.
A 1949 survey map reveals the 15-19 Boundary Street factory site was known as the Lustre Hosiery Limited who employed a large number of women to work the manufacturing machinery to make stockings, socks, pyjamas. The company existed from the 1920s to the 1960s, and its warehouse has been preserved ever since.
It became apart of the October 15, 1929 edition of The Textile Journal of Australia which is available in the photographic archive of the Mitchell Library, NSW.
<a href="https://www.rwebay.com.au/9-15-19-boundary-street-former-warehouse-rushcutters-bay/" target="_blank">Professional heritage consultant, Andrew Woodhouse</a> explains that the "large concrete pylons are evidence of the strength of the floors required to support heavy industrial machinery.
"Large metal-framed windows are retained and indicate the n need for natural light, a safety requirement for women labouring on the factor floor."
 
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Converted warehouse apartment in Darlinghurst sold 

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A converted Prahran warehouse belonging to design and communications agency Grenade founder Ben Buxton has hit the market.
Buxton’s father is Melbourne property developer and Rich Lister Michael Buxton.
The two storey property at 2 Macquarie Street is on a 306 square metre site and has 473 square metres of office space.
Features include five car spaces, polished concrete floors, exposed steel trusses and beams, and strategically positioned skylights which, paired with the steel framed windows, provide all around natural light.
The property currently has short term leases generating $119,051 per annum with scope for improvement, according to marketing agents, Teska Carson’s Jack Kelliher and Matthew Feld.
“This is a proven commercial and residential location that’s underpinned by arguably the best lifestyle amenity Melbourne has to offer and that is going to attract a broad range of buyers,” Kelliher said.
“The combination of short term income with the flexible Activity Centre 1 Zoning provides fertile ground for a variety of mixed-use development options to be explored, but the property also has much to offer owner-occupiers and investors especially in terms of the location.”
The proximity to the Chapel Street retail strip is advantageous, Kelliher said.
“The area is also well served by public transport with Prahran and Windsor railway stations, both within walking distance, and tram lines along High and Chapel streets, while Dandenong Road and Punt Road provide access to Melbourne’s freeway network.
Kelliher said the area’s popularity had been underlined by the significant residential and commercial development within the immediate vicinity in recent years. 
“The local area has seen continuous development in recent years due to the first rate amenity, the close proximity to the centre of Melbourne, and Melbourne’s strong population growth.
“These factors, along with historically low interest rates, will continue to drive demand, development and investment in this area for the foreseeable future.”
The property will be auctioned on Friday, May 24 at 1pm on site.
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Converted Prahran warehouse listed by Ben Buxton

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A St Peters warehouse that was previously a car mechanics has been listed for sale after its conversion.
The <a href="https://www.realestate.com.au/property-house-nsw-st+peters-130200898" target="_blank">Hutchinson Street property</a> last traded for $810,000 in 2009 when it was an food packaging industrial complex, comprising a car garage, office and small residence attached on its 370 sqm.
Now stands a modern home with a six metre high vaulted ceiling and skylights.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/8/Peters2.jpg" alt="">
The ground level open plan living and dining area opens to a floating deck surrounded in lush tropical greenery.
On this level is a platform bed and a home office.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/8/Peters3.jpg" alt="">
Upstairs is a self-contained two bedroom apartment with a 50 sqm terrace and separate entry.
The home is being marketed by BresicWhitney agents Shannan Whitney and Duncan Grant.
They have a $2 million guide for its February 9 auction.
 
 
 
 
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St Peters trophy warehouse conversion of car garage listed

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Bookseller Mark Rubbo, the founding chair of the Melbourne Writers Festival, and wife Wendy have sold their Fitzroy warehouse conversion.
They had $2.8 million to $3 million hopes for the property they bought as an empty shell in 2004.
They commissioned architect Maggie Edmond to adapt <a href="https://www.realestate.com.au/sold/property-house-vic-fitzroy-129684854" target="_blank">the property</a>.
It has three bedrooms, three bathrooms and a kitchen adjoining the open plan living space which flows to a north facing terrace.
The Little Victoria Street warehouse began life as a drill hall in the 1930s. 
Nelson Alexander Fitzroy agents Peter Stephens and Sonya Laferla handled the marketing.
This article first appeared in The Weekend Australian. 
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Former drill hall warehouse conversion sold in North Fitzroy

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Douglas Farrell, managing partner of the private equity firm Quintet Partners, is selling his Darlinghurst warehouse apartment.
It is in Angus House, set on the north-west corner.
<a href="https://www.realestate.com.au/property-apartment-nsw-darlinghurst-128529034" target="_blank">The three-bedroom, two-bathroom property</a> has 4.4 metre ceilings in the open-plan living spaces.
There’s a stone-topped kitchen with breakfast bar seating, a covered balcony and a car space on title.
McGrath Edgecliff have it for a July 7 auction with $2.1 million hopes.
It last sold at $1,375,000 in 2014.
The former Moran Health care head office was converted into residential by the property developer Theo Onisforou.
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Angus House, Darlinghurst warehouse style apartment listed

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Online publisher Jackie Maxted headlines the buyers in the settlement of the iconic Griffiths Tea Surry Hills warehouse conversion.
Maxted, who founded the Beauty Heaven website, paid $4 million for one of the penthouses in the now New York-style Federation warehouse apartments.
The two-storey, three bedroom penthouse, is one of seven.
The landmark Wentworth Street building is the $37 million development of the Cornerstone Property Group. It now comprises 39 apartments designed by PopovBass architects.
BresicWhitney are marketing some of the apartments that didn't sell in the building that had laid empty for 30 years.
In 2015 Maxted recently paid $4.55 million for one of Bondi Beach's rare original sandstone cottages.
The purchase came shortly after Beauty Heaven Group was bought by Bauer Media.
This article was first published in the Saturday Daily Telegraph.
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Online publisher Jackie Maxted buys in Griffiths Tea conversion

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A converted warehouse to office in Melbourne’s CBD fringe suburb of Richmond is up for auction on November 15 through Teska Carson.
Located at <a href="https://www.realcommercial.com.au/property-offices-vic-richmond-502600978" target="_blank">77 Murphy Street</a>, the corner property comprises a single level, 320 sqm brick warehouse which has been converted into office space.
The property will be sold subject to a short-term lease at a current net annual rental of $94,500. 
According to marketing agents, Teska Carson’s Tom Maule and Matthew Feld, the property would suit a wide range of buyers including owner-occupiers, developers and investors.
The 320 sqm site is zoned Industrial 1.
“With a short term lease, an ideal, inner city location, and three street frontages, this converted warehouse offers opportunities for owner-occupiers, as well as developers and investors,” said Maule.
“Richmond has become a very much sought after address for those looking for a boutique office environment within easy reach of the CBD.”
 
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Warehouse turned office space in Melbourne's Richmond listed for auction

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The New Zealand-born operatic baritone Teddy Tahu Rhodes has bought a residential warehouse conversion in Collingwood.
He's paid $1,983,750 for the two storey Byron Street property.
The <a href="https://www.realestate.com.au/sold/property-townhouse-vic-collingwood-125491198" target="_blank">creative space</a> filled with art and office furniture in the listing photos features high industrial ceilings and polished concrete and timber floors.
Jellis Craig Fitzroy recently sold the property after having $1.7 million to $1.85 million hopes
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/23/TittleTattle2.jpg" alt="">
The New Zealand born operatic baritone won the Mobil Song Quest to secure funding to study at the Guildhall School of Music and Drama in London.
By 2004 he received an ARIA award then four years later he won a Helpmann Award for Best Male Performer in an Opera for his role in Dead Man Walking.
This article first appeared in The Weekend Australian.
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Teddy Tahu Rhodes snaps up Collingwood warehouse conversion

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It has been called the warehouse office investment that ‘ticks all the boxes’.
A two-level freestanding fully leased building in Melbourne’s inner suburb of Fitzroy has been listed for auction on November 3 by CBRE.
The <a href="https://www.realcommercial.com.au/property-offices-vic-fitzroy-502578054" target="_blank">1 Harrison Place</a> property is a renovated, architecturally designed modern office space within a warehouse.
The former cordial factory was built in 1882 for local manufacturer Robert Harrison.
Fully leased as a co-working space with four new leases, the 244 sqm building returns a total of $152,790 per annum.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/06/FitzroyPl2.jpg" alt="">
It is located within Fitzroy's laneway cultural hub and benefits from mixed use zoning that offers potential for future commercial and residential opportunities.
The property also has direct tram access to the CBD.
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Warehouse Conversion

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