Jimmy Barnes finds buyer for one of his Botany investment warehouses
There's a bit of the working-class man still left in Jimmy Barnes. But he has offloaded one of his industrial warehouse premises, and the other is under offer.
Barnes, who formed his band Cold Chisel on the industrial outskirts of Adelaide, until recently owned three warehouses in the Botany industrial precinct.
His first acquisition was in 2004, when he spent $1.6 million on a 490-square-metre holding that conveniently had a recording studio and residential premises.
He then expanded his holding by 1,470 square metres – envisaged eventually to be for his extended entourage – with two nearby purchases opposite parkland.
The latest sale recouped $1.175 million for the 773 -square-metre Daniel Street warehouse, which cost $1,155,000 in 2009.
It was under contract initially in April but has now exchanged and settled through Steve Pappas, at Firmstone Properties.
The adjoining Daniel Street warehouse (pictured below), which also cost $1.155 million in 2009, is under offer, with its advertising having ceasing, according to RP Data.
Both the warehouses had the potential for residential conversion, but are understood to be set to continue as warehousing.
