Cafe lifestyle descends on Redfern as corporate home office sells for $2.25 million
One of the largest retail/residential properties on Redfern Street, Redfern has been sold for $2.25 million through Ben Forsyth at McGrath Estate Agents.
It’s a whole building on 436 square metres of land. It comes with 100 square metres of space on the lower level, plus about 200 square metres parking for 10 cars. It’s described as a creative space ideal for a company headquarters or a live/work opportunity, given the second floor has two one-bedroom apartments. The property was sold with vacant possession, having been priced at $2.5 million.
It’s expected the property will use its commercial kitchen, with the ground floor becoming a café.
The upper floor studio spaces will be for lease.
The December sale followed fewer than a handful on the Redfern strip, which included the former post office commercial premises at 113-119 Redfern Street sold by spruiker Max Markson through McGrath agent Paul Ephron at $2,125,000 in May.
In January 2011 the 209-square-metre holding at 74 Pitt Street sold at $2.05 million, having been listed through Ben Forsyth. It was the 1880s Quirks Grocery Building, a mixed-use premises offering with a total annual income of about $133,000 from two independent residences, a café and separate office. It was architect-redesigned 12 years ago.
Forsyth says the latest sale underpins his views that Redfern is going through a renaissance.
He says The Block being demolished, the new indigenous arts college and the Sydney City upgrade have all lead to major changes in the inner-city suburb.
