Property investor and developer Tipalea Partners has acquired an industrial warehouse in Sydney's inner-city suburb of Alexandria for $24.5 million.
The Sydney based developers secured the site on 23-27 Bourke Road, 500m from Green Square Station.
Located on a 6175sqm site, the 4933sqm building is divided into four tenancies, offering a mix of warehouse, office and showroom space.
Current occupants of the Alexandria warehouse including Spatial Property Styling and Savi Maurizio Furniture.
CBRE's Nathan Egan, who helped negotiate the sale, says the location of the property in the highly desirable suburb of Alexandria underpinned strong buyer interest in the asset.
"South Sydney and Alexandria remain among the most attractive locations for investors and developers looking to secure assets in high growth areas, with the 16 offers received for this asset testament to the strength of demand," says Egan.
"Freestanding properties such as this one are even more sought after given the limited available stock in this area. Tenant demand in the commercial sector is at an all-time high, and with surrounding markets experiencing supply constraints this puts a stronger focus on Alexandria."
Stephen Grant from CBRE added that the area is changing from a traditionally industrial zone of Sydney's south.
"South Sydney is moving away from traditionally a heavy industrial area towards a highly sought after commercial precinct and as a result, the demand for value-add commercial conversions has never been stronger," says Grant.
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