Australia’s property experts got busy studying the impact of Sydney’s property markets, which embraced a new trend late in May. Sydney siders are looking for off-the-plan apartments, with the converted warehouse apartments across the city attracting inner-city buyers looking for cheap properties with a special touch.
As a result, property developers, construction firms, architects, even companies that handle timber floors in Sydney are now scrambling to get their hands on warehouses, relics of the city’s industrial heritage, and refurbish them for the modern homeowner.
One such example is the Griffiths Tea Building in Surry Hills, which was transformed by acclaimed architect Alex Popov into an apartment complex with one to three-bedroom units and penthouses reminiscent of New York’s residential units.
The property was purchased within hours of being listed on the market back in 2015, with one of its penthouse units selling for a whopping $4 million. When asked about the quick sale of the warehouse apartment, Popov said that they had heritage, and you can’t design heritage.
Many are saying that heritage is the key aspect of the warehouse apartment sector that makes it so resilient. CBRE Director Caroline Fagerlund, who had a hand in selling the Griffiths Tea Building’s units, says that they are still seeing high demand for apartments located in refurbished heritage buildings.
She says that, beyond the impressive timber floors in Sydney, it’s the original features of the warehouse apartments that give them that unique charm, one that can’t be found in modern developments. She points out that these kinds of properties are dwindling in number, and this lack of product means that the marketplace is quite secure.
One such example of a coveted warehouse is the property at 4/8-10 Brennan Street, Alexandria, which managed to be short-listed for the 2015 NSW Architecture Awards. Located at the heart of Alexandria, the property had 173m2 of space divvied up between three levels. The property had features like a black granite kitchen, a skylight, and even a home cinema system with a 100″ motorised screen. It was sold on the 18th of June, for a price tag of AU$2,550,000. The sale of the property was handled by BresicWhitney Glebe.