Auction – 359 & 361 Darling Street, Balmain.
Investors are keeping a keen eye on the Peninsula and the Government’s recent engagement with Google as a candidate to occupy their White Bay precinct.
The already thriving harbour side suburb has seen tremendous growth over the last few years, and Colliers Director of Sydney Metro Sales, Miron Solomons suggested this further commitment would see values sky rocket overnight.
“Darling Street in the heart of Balmain is on the edge of being Sydney’s best performing suburban retail strip; there is strong renewed interest in the harbour side suburb, with support from a loyal population of 30 somethings young professionals who in recent years have helped the area become a Sydney hot spot for both residential and commercial property values” he said.
In particular it’s been interesting to watch Darling Street thrive whilst the market witnesses Oxford Street struggle with unprecedented vacancy across its primary fashion occupants.
Mr Solomons went on to say that “Perhaps it is the allure of another harbour side suburb only minutes to the CBD which will soon include a direct ferry trip to Barangaroo, or the fact it never depended on only high-end fashion and instead traded from morning till midnight with a healthy mix of Sydney’s best Cafés, Restaurants and beloved Pubs.
Miron Solomons along with Matt Meynell and Matt Pontey of Colliers International and Anthony Bray of Cushman & Wakefield will be testing this theory by bringing two adjoining freeholds to the market on behalf of a private owner.
The Freeholds located at 359 – 361 Darling Street in Balmain are positioned on the corner of Darling and Rowntree Street and are leased to International fashion retailer Bassike and Mushiro Japanese Restaurant.
The two separate titles across the 335.1sqm block will likely attract interest nationally from investors and developers alike strategically positioning themselves within this key growth precinct. The income is circa $215,000 per annum plus GST.
“Whether it is infrastructure or key projects, investors and developers are following the Governments lead and the same applies to our off-shore groups who already have a love affair with the harbour city” said Mr Solomons.
“The NSW government’s investment is boosting interest across multiple sectors from Tourism to Education and we’ve already seen vendors leverage off the back of this. Over $60 billion has been committed across the state on infrastructure projects.”
Last week saw the sale of the Exchange Hotel, Balmain’s largest hotel for just over $5m through Vince Kernahan and Miron Solomons of Colliers International. New owner Jon Adgemis will tweak the offering to attract the locals again and perhaps offer them something the area doesn’t currently have not dissimilar to Surry Hills or Newtown.