Landmark former fire station provides unique investment opportunity20 April 2022
An icon of the inner west and a site of historical significance, the former 1886 No.3 Marrickville Fire Station has been listed for sale.
Currently operating as a luxury Airbnb, Firehouse at 308-314 Stanmore Road in Petersham has an easily recognisable façade and occupies an 891sqm corner position with two street frontages.
Originally built in circa 1886, the two-storey building maintains its heritage features across two levels with a gross floor area of 1,038sqm, and has approximately 27 rooms including offices, a boardroom, bedrooms and storage, seven bathrooms and toilets, a commercial kitchen, a pool, garden beds and a pizza oven.
The Colliers team of Harry Bui and James Cowan have the exclusive listing, with price expectations of over $10 million.
“This building is a rare opportunity to acquire a community landmark in a tightly held precinct, nearby to what is becoming Australia’s central cultural hub in Newtown and Marrickville,” Mr Bui said.
“We’re finding that offshore buyer interest is returning given recent border reopenings and the stability of the Australian real estate market when compared globally. These buyer groups have experienced generous capital growth in recent years if they’ve held real estate in Sydney and accordingly, are eager to deploy more capital in a transparent and high performing landscape”
“The added benefit of this property, and what makes it unique, is the versatility in occupation and generous returns it offers. We are expecting a wide variety of interest from residential owner-occupiers, commercial owner-occupiers, hotel operators and developers,” Mr Cowan added.
“We expect to see high net worth individuals, property syndicates and institutions continue to seek out land banking opportunities to future proof their land area and enjoy the benefits the inner west and city fringe has to offer.”
The property is steeped in history and was the first fire station to be erected in metropolitan Sydney after the passage of the Fire Brigade Bill and the establishment of the Metropolitan Fire Brigade in 1884. Originally built as ‘No.3 Station Marrickville’, the fire station ceased operations in 1991 and has since been meticulously upgraded to offer world class residential and hospitality uses.
The current iteration has numerous heritage elements combined with modern upgrades that provide a unique link between the past and present.
An approved development application currently exists for a 24-room hotel, ground floor restaurant and florist, with a predicted gross floor area of 1,233sqm.
Within close proximity to major retail amenities and to both Stanmore and Petersham train stations, the site comes with B1 Neighbourhood Centre zoning and has the potential to add value via occupation, reconfiguration, refurbishment or readaptation to alternate uses such as a creative office or warehouse, boarding house, childcare centre or even a mixed-use residential development (subject to council approval).
308-314 Stanmore Road in Petersham is for sale via an expressions of interest campaign closing on the 26th May, 2022.