By Buyers Domain Principal Buyer’s Agent, Nick Viner
Trendy Converted Warehouses
In recent years, living in converted warehouses has become very trendy, especially on the edge of the City and in the Inner West. Buyers are attracted to the exposed beams, face brick, raked ceilings, timber trusses and concrete floors. Suitable for displaying unusual pieces of art, sculpture, furniture and even exotic cars, warehouses can suit a variety of buyers with different budgets: There are stand alone warehouse buildings which may be an alternative to a 4 – 5 bedroom house at the prestige end of the market. On the other hand, larger warehouse buildings may have been strata subdivided into multiple townhouses and even units for those looking for more affordable options.
Recently Sold Warehouses
Some examples of recently sold warehouse properties include:
- The Show Home: 43 Johnston Lane, Annandale:
https://www.realestate.com.au/sold/property-house-nsw-annandale-127625970
Formerly an artist’s studio and used for many different purposes over the years, this is a stand-alone warehouse with 4 – 5 bedrooms, 3 bathrooms, a turntable and garaging for up to 4 cars. This unique trophy home which was renovated to the highest standards was sold in February, 2018 for $4,275,000 on behalf of Julian Cress, co-creator of Channel 9’s “The Block”. - The Town House: 17a Australia Street, Camperdown:
https://www.realestate.com.au/sold/property-townhouse-nsw-camperdown-127898230
This is a modern 2 bedroom townhouse with 2 bathrooms and a basement garage. Constructed in 2013, the outside heritage shell of this building was part of an old factory used to make earthenware pipes. This was sold for $1,650,000 in March, 2018. - The Unit: 406/22 Colgate Avenue, Balmain:
https://www.realestate.com.au/sold/property-apartment-nsw-balmain-124572626
Part of the Colgate Palmolive factory conversion, this 80m2 apartment has 2 bedrooms, 2 bathrooms, a small terrace with Harbour views and an under cover car space. Units in this tightly held building are highly sought after. This was sold for $1,605,000 in February, 2017.
Never Meant to be Lived In
Warehouses will not suit everyone and remember that the buildings were never meant to be lived in. It is important to find out the previous use and likelihood of contamination, particularly if you are undertaking the conversion yourself. Industrial buildings frequently leak – this might have been acceptable when used as a factory but not if you’re living inside. How liveable is the space? Usually, there is no or very little outdoor space so they tend not to be suitable for conventional family living. How good is the location? Warehouses were often built at the wrong end of the suburb so if you are looking to live in an orderly leafy tree-lined street, this may not be for you. There may be heritage restrictions limiting the work you can carry out.
Shops and Pubs
As an alternative to warehouses, converted shops and pubs are almost as sought after.
This old corner store at 63 Northumberland Avenue, Stanmore, was ripe for renovation when it was sold on 29 July, 2017 for $1,780,000: https://www.domain.com.au/63-northumberland-avenue-stanmore-nsw-2048-2013679952
When you are buying an unusual property, it is very important to check the zoning and use rights. Residential accommodation may not have been approved. If you are taking out a loan, check the bank is satisfied to use the property as security for the loan.
If you are looking for a warehouse or any particular type of property, Nick Viner will be able to find what you are looking for and assist you with your purchase.
Call Nick today on 0405 134 645.
