Ausgrid sells another substation
Ausgrid has sold a recently decommissioned substation metres from the water, at Woolloomooloo.
Also next to the recently extended Art Gallery NSW, the two level building with a rooftop at 6 Lincoln Crescent found favour with an as yet undisclosed but high-profile hospitality operator.
Price expectation when it was listed March was c$12.5 million.
The RE1 zoning meant it could also be repurposed as an essential services asset, like a childcare centre or gym.
Colliers’ Michael Crombie, Trent Gallagher and James Cowan were the marketing agents.
The deal comes nine months since Ausgrid sold a disused Waterloo substation for $2.05m – twice the reserve.
That buyer was Dasco which is developing apartments around the Young Street block.
More to come.
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