Tightly held Eastern Suburbs panel beater provides multitude of uses

The opportunity to occupy, invest or develop a notable Eastern Suburbs site will see a number of interested parties compete when the property goes to auction in late February.

The 623sqm site with an existing gross building area of 1,499sqm has a well-established panel beater and three-bedrooms first floor residence which was built in the mid-1970s. The first time offered to market since it was built, the property is being sold on behalf of an estate further highlighting the rarity of offering.

A tight supply of panel beater businesses makes it incredibly difficult to enter the market in this space, given the required approvals in the now densely populated residential areas.

The property at 1 Lingard Street in Randwick has a price guide of circa $5 million and is listed with the Colliers team of Matt Pontey and Miron Solomons, in conjunction with David Canelas and Michael Vranic of HillCo Property Group.

“Sydney’s Eastern Suburbs has seen significant withdrawal over the past 10 years of panel beater shops as areas have been gentrified and the large land holdings have made for perfect development sites,” Mr. Pontey said.

“Sydney’s Eastern Suburbs is the most tried and tested and resilient markets in the country. With limited transaction volume in 2023 across all markets, Sydney’s Eastern Suburbs has consistently demonstrated its ability to hold value as quality in the past for the key determinate now safe and secure investment is key,” Mr. Solomons added.

“No. 1 Lingard Street is one of the last remaining approved workshops and presents a rare opportunity to occupy, invest or develop given the attractive location and impressive potential for the site,” Mr. Canelas said.

No. 1 Lingard Street in Randwick is for sale via public auction on the 29th of February 2024.