One of the last remaining warehouse conversion sites in the Balmain Village Precinct in inner-west Sydney has been acquired by Sydney-based investment house, Princeton. The site is worth a combined value of $40 million.
The newly acquired site is located at 73-75 Beattie Street Balmain, and spans 957.40 sqm. After development it is set to comprise five spacious three-bedroom terraces in addition to a unique New York loft-style four-bedroom penthouse, which will feature spectacular views of Sydney’s city skyline and the Harbour Bridge.
Construction is expected to commence in the first quarter of 2023.
Balmain is an affluent suburb which has seen a steady increase in property prices over the last five years. Recent CoreLogic figures indicate a growth rate of 19.89% over the last twelve months. The current median sale price in the area is $2.7 million. The new Beattie Street residential site is expected to be a welcome addition to the area.
One of Princeton’s founders, George Gadallah, said that “The acquisition of the Balmain site is an exciting leap forwards for Princeton in the highly competitive inner-west market.
“Balmain is one of Sydney’s most in-demand suburbs and continues to outperform the wider market due to government infrastructure announcements such as WestConnex and Sydney Metro West, as well as its proximity to amenities in the CBD, strong demographic and lack of land supply.
“This development will offer home buyers dynamic, terrace-style living with unparalleled views of Sydney’s world-famous harbour, with each terrace providing a separate home office or rumpus room above basement car parking.
“It’s going to be exciting to see this project come to life over the coming months/years and cement itself as a crown jewel of the inner west.”
With Princeton’s already strong portfolio, Balmain is a welcome addition. Princeton currently has a number of residential project underway, including Baronet & Banks Botany, Serrata Blakehurst, and Eurangi, Bondi Beach.
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Header image courtesy of Princeton.