• A property at 248-250 Marrickville Road in Marrickville has been sold for $7.67m
• The sale price was $2m above the auction reserve, with 12 bidders competing for the site
• The asset was sold by Honey Pie Investments in a deal negotiated by Demi Carigliano and Anthony Pirrottina of Knight Frank and Adam Bodon of Adam Charles
• The purchaser, Brag Media, will open Australia’s first Rolling Stones venue on the site
Sydney, Australia – Australia’s first Rolling Stones venue will open in Sydney’s inner west following the sale of a Marrickville site for $2 million above the reserve.
The 575sq m property at 248-250 Marrickville Road was sold for $7.67 million to Brag Media following an auction with 12 registered bidders.
The deal was negotiated by Demi Carigliano and Anthony Pirrottina of Knight Frank, in conjunction with Adam Bodon of Adam Charles, acting on behalf of the vendor, Honey Pie Investments.
Mr Carigliano said the property, which was sold vacant, presented a 1,150sqm two-storey commercial/retail building, and attracted significant interest during the auction campaign, with more than 200 enquiries.
“There was strong competition for the property on auction day, with fierce bidding resulting in the property selling for a price $2 million above the reserve,” he said.
“The property attracted a wide range of buyers, including owner-occupiers, developers and investors, due to the rarity of the offering.
“The property provided the buyer with a freehold site in a striking position within Sydney’s highly sought-after inner west, with three street frontages and multiple opportunities to add value.”
Mr Bodon said location was a drawcard for buyers, with Marrickville being a highly-prized location, which continues to undergo widespread gentrification.
“There has been sustained improvement in local amenity as a result of re-zoning of traditional industrial lands to alternate uses and significant Government investment in public transport projects,” he said.
“This Marrickville Road property is a short walk to the Marrickville and Sydenham train stations, both of which are being upgraded to form part of the new Sydney Metro network, as well as bus stations and amenity including cafes, restaurants, gyms, bars and specialty retailers.”
Brag Media were attracted to the site due to its prime corner position, surrounding bars and pubs and forthcoming development of high-density apartments throughout the region.
The owners will undergo significant refurbishment works over the coming months and plan to re-open later this year.
For further information, please contact:
Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.email@example.com +61 410 460211