The Brag Media has spent $7.67 million on a vacant Marrickville shop with plans to open a Rolling Stone branded venue.
The auction price for 248-250 Marrickville Road was $2 million over reserve.
Twelve bidders contested, according to the selling agents, Knight Frank’s Demi Carigliano with Anthony Pirrottina and Adam Charles’ Adam Bodon.
Developers, investors and other other owner occupiers were amongst them, they added.
The 1150 square metre building has in recent years acted as a pharmacy and SPAR supermarket (story continues below).
It occupies a 575 sqm site with three street frontages, at the centre of a retail strip, walking distance to Marrickville train station.
Honey Pie Investments acted for the purchaser, which holds the right to the use the Rolling Stone name in Australia.
Sources say the property will sell merchandise, offer live entertainment and act as offices.
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