Marrickville warehouses fetch $24m
Rygrow Properties is selling an industrial investment with alternative use development upside in Sydney’s inner south west Marrickville.
Covering 6-10 Rich Street and 87-91 Chapel, the 3654 square metre site is fetching $24 million from an occupier.
Two tenancies, all up containing 3591 sqm, sit on the block.
Both leases expire in August, 2027.
After that, the properties, also known as 6A and 6B Rich St, could be considered for a retail or hospitality asset, including a hotel.
They could also deliver essential services product like a childcare centre or school, Raine & Horne Commercial marketing agents, Luke Smith and Nicholas Smith, said.
Rygrow is directed by Jonathan Kahn.
Biggest local deal this year: agents
The agents said the deal is the priciest for a Marrickville property this calendar year (story continues below).
Several suitors from the building supplies sector looked in, they added.
“The Rich St transaction highlights the continuing strong demand for industrial property within the Inner West region,” according to Luke Smith.
“Marrickville has become the place to be, undergoing significant revitalisation,” he said.
“Known for its trendy amenities and excellent accessibility, the suburb has become a sought-after location for businesses,” he added.
This pocket of the suburb, walking distance to Sydenham train station, is seven kilometres from town.
In the area, Toga recently completed Wicks Place, a residential based mixed-use project with 270 dwellings.
More to come.
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