Furniture warehouse sold for school
Warakirri College has bought the Brescia Furniture showroom in Cabramatta, with plans to convert it to a secondary school.
The mixed use asset at 119-121 Cabramatta Road cost $15 million.
The Brescia family held it 63 years.
Colliers’ Harry Bui and Andrew Bui were the agents.
The deal comes eight months since we reported a double storey Commonwealth Bank branch in the suburb sold for $31.3m – a 3.4 per cent yield – to a Melbourne investor backed by Asian capital.
Next chapter for showroom
On 1699 square metres, the Brescia Furniture showroom contains 3882 sqm over two floors, 200 metres from Cabramatta train station (continues below).
Fairfield City Council has already approved a redevelopment; Warakirri College Limited will invest $11.3m to convert the property into a campus for students aged 15-22 seeking mainstream education pathway.
“The building has accommodated Brescia Furniture since 1961 when founder Antonio Brescia migrated from Italy and established the retailer specialising in imported Italian furnishings,” the agents said.
“The acquisition reflects increasing institutional and community-use demand for well-located commercial buildings in Sydney’s south west, particularly near rail infrastructure and established activity centres,” he added.
Cabramatta is about 30 kilometres south west of Sydney’s CBD.
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