A newly formed investment fund has spent $3.9 million on a Brunswick property with development upside.
The 1996 square metre Industrial 1 zoned site at 3-7 Syme Street was offloaded by Brunswick Industries Association – a not for profit group which provides employment support – with a long settlement.
The west boundary abuts 94 Feet and Glenvill’s mixed-use Hoffman Brickworks project which contains residential and soon, a retail precinct and museum.
It is also next door to a large factory occupied by Baxter Healthcare.
Gross Waddell’s Andrew Greenway and Andrew Waddell represented the vendor which intends to purchase another property to occupy (story continues below).
The buyer is expected to add some value to the large site, to retain as a passive investment.
Syme St is walking distance to the Sydney Road commercial strip and Jewell train station – both precincts where industrial stock is being encouraged to be replaced with apartments.
This pocket of Brunswick is four kilometres from the city.