Owner occupier outbids developers, renovators, for Alexandria office

An owner occupier is paying nearly $7 million for a vacant three-storey office warehouse in Sydney’s inner south Alexandria.

The 1120 square metre complex on an 872 square metre block at 160 Botany Road received 16 offers, according to CBRE marketing agents Matthew Fenn, Nicholas Heaton and Nathan Egan.

More than 350 enquiries were received, and 35 inspections carried out, the agents added, of their four week long expressions of interest campaign.

Configured with a ground floor warehouse with offices on upper floor mezzanines, the property is 150 metres from the Waterloo Metro Station and Waterloo Over Station Development – both of which are due for completion in 2024.

The Sydney CBD is about four kilometres away.

The agents promoted 160 Botany Road as a development site: the B4 Mixed Use zoning allowing for the construction of a 15 metre (so circa-six to seven storey) project.

However, complexes rising 116 metres have been approved for nearby sites, the agents added.

The Alexandria offering was also marketed to renovators and land bankers.

The sale price values every sqm of land at $7798 and building area at $6071, Mr Fenn said.

The site (bottom, shaded) is four kilometres south of the Sydney CBD.
The warehouse on an 872 square metre block was marketed to developers, land bankers, owner occupiers and renovators.
The building contains 1102 square metres of area including offices on mezzanine floors.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.