Browse all categories | Subscribe My Account | Logout
Browse all categories
< Back

The Balmain Post Office Historic Trophy Heritage Investment sold for $4,000,000

Property Markets / Transactions

Australia

Jun 12 2019

Add to Favorites

Share this Article:

The suburban investment market in Sydney’s Inner West is continuing to experience a revival, caused by low supply levels in the Sydney CBD and transition of ‘Mum & Dad’ capital moving from residential to commercial investment stock in the residential slow down.

The latest sale is that of the Balmain Post Office, a c. 1888 historical Victorian Free Classical style building with third floor clock tower and viewing deck, which was sold by James Cowan and Steam Leung of Colliers International.  

The asset, which was built in 1888, was designed by the Colonial Architect James Barnet costing a princely sum of £15,470 boasts over 500sqm of internal gross floor area plus ample outdoor areas. Since construction it has continuously operated as a Courthouse and Police Station, with Australia Post presently calling it home on a lease that expires in 2022.

The property was returning $186,810 per annum net at the time of sale, which reflected 4.67% net yield for the incoming purchaser. It’s believed that Australia Post has committed to painting the exterior of the building, although are in the process of co-ordinating this with the adjoining owners being NSW Police and the local council considering they share the common façade”

“The sale was conducted over a 4 week period via an International Expressions of Interest Campaign” said James Cowan, Senior Executive at Colliers International.

“We received an overwhelming level of response on the property, ranging from local landlords, potential owner occupiers and then wider enquiry from high net worth individuals. Steam also did an excellent job of leveraging overseas interest which resulted in approximately 10 offers on the EOI close date”.

The purchaser, Mr Parison (a private investor from a neighbouring suburb), commented "Whilst I don't support the sale of such civic buildings by the government, I have admired the architecture of the Post Office and Courthouse buildings since childhood and am now thrilled to own such a grand and historic property in the heart of Balmain."

It's understood he intends to work with Australia Post on their refurbishments efforts and then assist them with in achieving continued tenure from 2022 onwards.

The sale further supports the strength of the Inner West retail and investment market, with recent sales being 151 Lyons Road, Drummoyne ($3m), 345 Darling Street, Balmain ($2.225m), 307 Darling Street, Balmain ($1.54m) and 118 Terry Street, Rozelle ($10.5m) in deals all negotiated by James Cowan of Colliers International.

SOURCE:

img

You may also like...


Load More

bannerImage
bannerImage

Login into your MP Report account

Forgot my password

Sign up to the MP Report

Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.

SIGN UP HERE >