Heritage-rich freehold property sells at auction for more than double the expected price

Restaurant and café operators show strong interest in distinctive 91 sqm freehold property in heart of Waterloo  

A rare property and former electrical substation with strong character in the heart of Waterloo sold for more than double the expected price at auction last weekend.

The unique mixed-use space at 241 Young St, Waterloo, offering potential for residential conversion or various commercial uses such as a restaurant, bar, creative office, showroom or wine/whisky bar, attracted four strong bidders on Saturday.

Price expectations were circa $1 million, however the property instead sold for an impressive $2.05 million. Many bidders were from the restaurant and cafe industry, keen to seize the opportunity to convert the property into a thriving food and beverage outlet based in the impressive Danks Street Precinct, which is set to become an extremely vibrant area.

Hundreds of new apartments are soon to be developed in the Danks Street Precinct, offering an abundance of retail, recreational, dining and transport amenities.

The sale was brokered by Trent Gallagher, Sam Thomlinson, Justin Rosenberg and Michael Crombie of Colliers.

“241 Young Street, Waterloo, is a truly unique and heritage-rich mixed-use freehold property, formerly known as Electrical Substation No. 18. Offered for sale with vacant possession, the property attracted significant interest from a diverse range of buyers who envisioned various creative possibilities aligned to a mix of residential, commercial, and retail uses. The eventual purchaser exceeded initial price expectations by more than double, with plans to integrate the building into the adjacent large-scale residential development,” said Trent Gallagher.

“With hundreds of brand new units being built in this Dank Street Precinct, this freehold will be the only freehold in time that can be converted to a house, car or lifestyle investment. It was truly an amazing opportunity and will Likely morph into multiple uses over time. We will expect that Dank Street, will in time turn into a much greater precinct that just the one street,” said Michael Crombie.“The sale of 241 Young Street and the price achieved highlights the continued demand for development opportunities situated in proximity to Sydney’s CBD. The campaign yielded over 150 enquires from an array of buyer types, many of whom were drawn to the unique and historical features of the site. Congratulations to the Vendor and the purchaser,” said Sam Thomlinson.

“We had a resounding amount of interest from such a diverse group of purchasers, ultimately achieving a fantastic result for our client,” said Justin Rosenburg.