Sydney’s property experts are currently studying how the market’s boom in off-the-plan apartments is going to work for the future, but, good news, the city’s warehouse apartments have remained. The property have stayed, being constant, reliable listings, as inner-city buyers seek out the character of timber floors in Sydney and their value.
As a result, many property developers and architects have gone with the trend, working to redecorate and revamp the relics of the industrial past of the city, with the uniqueness of owning a former paper mill, hospital or factory in Sydney generating interest in buyers looking for something different to own.
One such example was the once-derelict Griffiths Tea Building, which was listed back in 2015. Transformed into an apartment complex with penthouse units, the new development ended up sold out within hours of being listed in the market, with one of the penthouses even selling for about $4 million. The architect behind the revamp, one Alex Popov, said about the project that you can’t design heritage.
Heritage is seen by many as the lynchpin for the property sector, an idea that carries a bit of weight. CBRE Director Caroline Fagerlund, responsible for the sales of the Griffiths Tea Building, says that she’s still seeing a lot of demand for apartments situated in converted heritage buildings. According to her, the original features and the history of these buildings give them a unique charm that new developments lack.
She adds that, with these buildings becoming rarer and rare, the lack of product makes for a very secure marketplace.
Currently, the market’s strong, with several standouts, such as the warehouse apartment at 4/8-10 Brennan Street at Alexandria, which was short listed in the NSW Architecture Awards for 2015. The property, designed by PBD Architects, is set to go under the hammer on June 2, with a pricing guide sitting at $2.5 million.
Another coveted property is the converted warehouse at 207/119 Kippax St. at Surry Hills, which is located on the second floor of a c1912 development. Designed by BKH’s Iain Halliday, it features exposed brickwork and timber floors in Sydney, with a price guide sitting at around $2.3 million.