Developer buys abandoned Balmain grocery store
Princeton has paid $12.3 million for Balmain’s historic Derrin Brothers grocery store.
The deal is a boon for the vendor which spent $6.65m in October, 2020, then obtained a permit for a residential conversion with five terraces and a four bedroom penthouse – which the incoming owner will now build.
On 957 square metres at 73-75 Beattie Street, the property also fronts Little Llewellen.
Colliers’ Trent Gallagher and James Cowan with IB Property’s Paul Grasso and Adam Droubi were the agents.
The site is near the c1847 Dry Dock Hotel which sold to Peninsula Hospitality Group last September and The London Hotel which was purchased by the Reilly Group two months earlier.
Conversion planned
Developed in the 1930s, 73-75 Beattie St was later used as an art gallery before being abandoned (story continues below).
The end value of the proposed project is $40m.
“The acquisition of the Balmain site is an exciting leap forwards for Princeton in the highly competitive inner west market,” George Gadallah, who founded the company with Craig Anderson, said.
“Balmain is one of Sydney’s most in-demand suburbs and continues to outperform the wider market due to government infrastructure announcements such as WestConnex and Sydney Metro West, as well as its proximity to amenities in the CBD, strong demographic and lack of land supply,” he added.
“This development will offer home buyers dynamic, terrace-style living with unparalleled views of Sydney’s world-famous harbour with each terrace providing a separate home office or rumpus room above basement car parking,” according to the executive.
Elsewhere in Sydney, Princeton is behind Bondi Beach’s Eurangi, Baronet & Banks at Botany and Serrata, in Blakehurst.
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