A heritage-listed building on a sprawling waterfront block with uninterrupted views of the Parramatta River is about to hit the market with price expectations of $8 million or more.
Built in 1891, the Blacksmiths’ Workshop is the last waterfront property to be put on the market at Breakfast Point, the riverfront suburb once occupied by the Mortlake Gas Works.
The site has been subject to a major urban renewal project under a joint venture between Rose Group and CBUS Property that has seen thousands of apartments built since 2000.
At 3133 square metres, it's the biggest individual landholding in Breakfast Point.
Located at 123 Peninsula Drive the property is on a 3133-square-metre block, making it the largest single landholding in the suburb.
The building has been used most recently as a sales office for new apartment developments in the precinct, but with development nearing completion, the property is superfluous to the developers’ needs.
Features of the 400-square-metre building include the arched doors and windows, and a vast terrace facing the water.
The property is being sold via an expressions-of-interest campaign run by Ray White Commercial Western Sydney’s Peter Vines, Victor Sheu and Joseph Assaf.
“It’s a pretty unusual building – when you walk in there is a feeling of grandeur and space, which is emphasised by the massive windows that overlook the grass running down to the water,” Mr Vines said.
The Mortlake Gas Works in 1937. The Blacksmiths' Workshop bottom right of the image.
The Mortlake Gas Works in 1937. The Blacksmiths' Workshop is in the bottom right of the image. Photo: Royal Australian Historical Society/Wikicommons
He said there were multiple potential uses for the property, with the listing a good opportunity for a savvy commercial operator to tap into the affluent market in Breakfast Point and surrounding suburbs.
“I think it will be a fairly even split between people who want to turn it into a residence and people who want to use it as an office or more commercial venture.
“When I walked into it for the first time I thought this would make a stunning restaurant,” he said.
“There’s very little in terms of high-end offerings for residents. I think for the right kind of operator – say a Matt Moran, or someone of that calibre – this could be a really phenomenal venue for them.”
In terms of exploring further residential development on the land surrounding the heritage-listed building, Mr Vines advised that prospective buyers would need to conduct their own investigations.
Another option could be to turn the property into a grand home.
“Some of the houses along that waterfront there have been fetching close to $7.5 million on much smaller blocks, although this is obviously a different style of property and has [heritage] restrictions,” Mr Vines said.
The site is zoned R3 medium density and has approval for commercial use.
The property at 123 Peninsula Drive is for sale by expressions of interest, with a closing date to be advised.
Article from commercialrealestate.com.au