A Canberra developer is paying $9.35 million for a three level Marrickville building permit-ready for a residential conversion.
The sale price for 310-312 Marrickville Road is $850,000 over reserve.
The vendor, the Tsimnadis family, developed it in 1975.
Knight Frank’s Anthony Pirrottina and Demi Carigliano with Christian Frangelli, of Bowdens, were the agents.
The deal comes a week since we reported the Marrickville warehouse occupied by the Newtown Jets sold to developers for $38m.
In June, The Brag Media outlaid $7.67m on 248-250 Marrickville Rd, with plans to occupy.
That price was $2m over reserve.
310-312 Marrickville Road, Marrickville
On 875 square metres, 310-312 Marrickville Rd contains two storeys of office and retail and a top floor apartment (story continues below).
There is also a 20-bay basement car park.
The Tsimnadis family offered it with plans to be converted and extended, with 20 dwellings over 1177 sqm of commercial area.
The incoming owner plans to rework this proposal with residential over ground floor shops.
“As a suburb, Marrickville is transforming and values are going through the roof,” Mr Pirrottina said.
“There has been widespread gentrification and a sustained improvement in local amenity as a result of the rezoning of traditional industrial lands to alternate uses,” he added.
Investment in public transport – the site is close to both the Marrickville and Sydenham train stations – has also been taking place, according to the agent.
The suburb is about seven kilometres south west of Sydney.
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