Two storey warehouse located in Sydney’s education hub offers strong income.
La Gonda House, a two-storey character-filled warehouse located on the corner of Myrtle and Shepherd Streets in Chippendale is being offered to the market for the first time in 43 years. Strategically located in the heart of Sydney’s education hub, the site consists of six individual tenancies, but has a myriad of future uses given it’s location.
“La Gonda House will suit a range of investors looking to capitalise on inner city rental demand and high growth in the Chippendale area,” said selling agent, Matt Pontey of Colliers International. “The area has undergone a transformation in recent times, with a range of residential and education developments. This is a great opportunity for an investor to strategically add value over time.”
The asset, which occupies a 663sqm corner block, has three street frontages and is located in close proximity to Sydney University, UTS and Notre Dame, in addition to a number of private colleges and student accommodation facilities. The soon to be refurbished Broadway Shopping Centre is also located nearby.
“The building exudes charm and character and is a great example of Inter War Art Deco design that is becoming rarer and rarer in the Chippendale Area,” said selling agent Michael Khouri of Colliers International. “The Chippendale market is very tightly held with few opportunities such as this. With strong demand for City Fringe investment properties, this property will no doubt attract astute investors looking to own a prominent asset in an up and coming suburb of Sydney.”
The asset is well-located for public transport and has good access to major roads. The asset returns an outstanding income, and will provide the new owners with a range of opportunities to value add, part-occupy or renegotiate on the current leases.
35-45 Myrtle Street, Chippendale will be offered for auction on Thursday 12 November. Further details are available from the agents, Matt Pontey (0438 337 799) or Michael Khouri (0420 989 353).