Sydney’s City Fringe hotspot emerges as the new residential destination.
Glebe is shaping up as one of Sydney’s most desirable residential markets with the announcement that the Glenmore Meat Company site is being offered for sale and following the success of the Roxy-Pacific development West End Residences.
“The city fringe residential market has experienced strong growth in recent years, in particular for off-the-plan sales in areas such as Glebe, Darlington, Redfern and Surry Hills, which have been buoyed by investors and owner occupiers alike,” said Peter Chittenden, Managing Director, Residential at Colliers International.
“Glebe in particular is uniquely positioned to benefit from the current and future improved transportation infrastructure, connectivity and proximity to the CBD, universities, hospitals and lifestyle amenities, as well as the Bays Precinct.”
“A scarcity in new housing being delivered in Glebe is due to a number of contributing factors, including limited opportunities for residential development, tightly held land and often restrictive planning controls.”
Colliers International’s Ryan Bennetts and Guillaume Volz will be selling ‘The Glenmore’, a 2034sqm site located at 40-46 Wentworth Park Road, Glebe in the sought after city fringe suburb.
‘The Glenmore’ site currently houses the Glenmore Meat Company, a local Glebe establishment which was founded in 1967.
“The famous Glenmore Meat Company name will be familiar to Sydney-siders, with its origins dating back half a century to a small meat company based in Paddington’s Glenmore Road,” said Ryan Bennetts, Associate Director, Development Sites at Colliers International.
“The Glenmore represents a highly desired and once in a generation offering in one of Sydney’s most famous and historic city fringe sanctuaries.”
“With exceptional site characteristics complimentary to residential development, the site will now be recognised as one of the finest forthcoming redevelopment play’s in Sydney.”
Guillaume Volz, National Director, Development Sites said “It is a substantial site with striking north-east facing views of the Sydney CBD and open parklands opposite, with current zoning controls likely to prevent new developments from impeding on such aspects.”
“The site is ideally located within 600m from the Glebe Light Rail Station and within walking distance to multiple sporting, recreational and public attractions including Broadway shopping centre, Wentworth Park and the Sydney Fish Market.”
Reinforcing the area’s popularity within the market is the residential development, West End Residences on the corner of Elger and Cowper Road in Glebe, also marketed by Colliers International.
The project launched on April 1 this year and sold an overwhelming 70% of apartments in the first day.
“Buyers recognised the rarity of this type of residential offering in Glebe and were drawn to the ideal location including the close proximity to Broadway and the universities, as well as the lifestyle on offer at Glebe Point Road,” said Colliers International Residential Director Ian Bennett.
Located just 3km south-west of the Sydney CBD, Glebe was traditionally regarded as a working class suburb on the city fringe, but over time has emerged as a hotspot for tertiary education, bustling retail and community living.
Glebe is also well positioned to take advantage of the redevelopment of the Bays Precinct, perhaps Sydney’s most significant urban transformation initiative, which will see the harbour-front area become a bustling hub of enterprise, activity and beautiful spaces.