Heritage listed Inner City building brimming with potential

28 May 2024

A beautifully renovated heritage listed building in Sydney’s south is set to be the perfect investment for an incoming purchaser after coming to market.

Situated on a land rich site of 5,615sqm, this offering at 40a-42 Maddox Street, Alexandria consists of a 2,480sqm industrial/office workspace surrounded by new development and provides a short-term holding income with huge rental reversion with a proposed net market income of $1,420,000.

The property is listed for sale exclusively through the Colliers team of Trent Gallagher and Michael Crombie, in conjunction with Steffan Ippolito of IB Property, with price expectations of $20 million.

“This property is breathtaking from the moment you enter the space, the heritage nature provides a real warmth with natural timbers, superior natural light with mature gardens and open space. Coupled with the high car parking ratio this property provides a blank space to suit a multitude of owner occupiers,” Mr. Crombie said.

“The offering will be highly sought after from the market as it offers an expired lease meaning owner occupiers can access it and given the next to 0 per cent vacancy rate for these types of buildings in the Alexandria precinct, we expect this will be the key buyer profile. The abundance of car parking and low site coverage is unheard of within the Alexandria industrial and commercial marketplace,” Mr. Gallagher added.

“The current building only covers circa 37 per cent of the site. Given the 18m height limit and potential for 8,423sqm of GFA, this is a premier opportunity for buyer to occupy in the interim and look to lodge a DA and redevelop in the future,” Mr. Ippolito said.

Strategically located within close proximity of the Green Square precinct, Sydney Airport Port Botany and the Sydney CBD. With excellent access provided via three separate streets, the property has highly flexible E3 Productivity Support zoning which provides significant value-add and development potential. It also comes with extremely scarce car parking with over 60 spaces on site.

40a-42 Maddox Street in Alexandria is for sale via an Expressions of Interest campaign, closing on the 19th of June 2024.