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The Essential Development Site | Approved Boutique in the Inner West

Property Markets / Transactions

Australia

Jun 12 2019

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The Inner West retail and mixed use development site market is set to be tested with 731-735 Darling Street, Rozelle listed by James Cowan and Joseph George of Colliers International. With limited land supply and a competitive retail and investment market, the property is expected to gather wide and varied interest from owner-occupiers, investors and developers.

The elevated corner site is one of the largest land holdings on Darling Street encompassing approximately 1,325m2. The property was previously home to ‘The Essential Ingredient’, a successful homeware, supermarket and retailer that left the premises due to approval of the development application. The existing improvements comprise approximately 650m2of retail space over a single floor only with ample customer parking.

“The vendors are experienced investors that have, over the past 12 months, experienced a high volume of unsolicited interest from not only developers but also owner occupiers and investors hence have opted to test the market and invite these parties to participate in an expressions of interest” said James Cowan, Senior Executive of Investment Services at Colliers International.

“This is not surprising considering the rare site envelope and success of local retailers, childcare centres, supermarkets and fast food outlets such as Harris Farm Markets Drummoyne, the new Woolworths Metro only 550 metres away and recent purchase of the 3 Weeds Hotel by Justin Hemmes of Merivale just 350 metres away.”

Joseph George, Senior Executive of Development Sites at Colliers International added that “Balmain and Rozelle are undersupplied residential locations with only 400 new apartments added to the suburbs collectively over the past 4 years. Adding to this, the only pipeline developments undergoing planning assessment is that of the much publicised and heavily debated Balmain Leagues Club which has been over 10 years in the making”

“The development approval is a testament to our Vendors experience and expertise, achieving the approval after 3 years of exhaustive planning; a feat that not all landlords can boast, most notably Heworths Balmain Leagues Club, Desane Groups Rozelle Site that was acquired by the NSW Government and the much publicised White Bay Power Station site which have been hamstrung by local or state initiatives and intervention”

The team were reluctant to comment on price expectations but noted 673-677 Darling Street, Rozelle which was receiving interest around $5,000,000, 366B Darling Street, Balmain (Balmain Post Office) which sold last month for $4,000,000, the sale of the Stratum Retail allocation of Union Place at Terry Street Rozelle for $10,500,000 early last year and the sale of 345 Darling Street, Balmain for $2,225,000 in August in deals all negotiated by James Cowan. These sales suggest the site will receive interest above the $8,000,000 mark.

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