Balmain Development Opportunity Sold at Auction for $4.13 Million

 Balmain Development Opportunity Sold at Auction for $4.13 Million

A residential development opportunity comprising two terraces and a warehouse with double street frontage at Balmain in Sydney’s inner west has been sold at auction by Ray White Commercial Inner West for $4.13 million.

The property at 77-79 Beattie Street, Balmain, was sold to a local occupier by Ray White Commercial Inner West Principal Tim Morrison on behalf of a private owner.

Tim Morrison said the in-room auction in the Sydney CBD attracted seven registered bidders and keen bidding before being sold under the hammer.

“This property was offered at auction as a vacant possession and attracted considerable interested from developers and occupiers during the marketing campaign,” he said.

“Rarely does such a unique opportunity come along, especially one with no encumbrances

“The lot comprised four separate titles over approximately 560 sqm and was offered for sale in one line or 2 and 2.

“With two separate buildings, two street frontages and being zoned residential with commercial use rights, it offers a myriad of potential uses for development or conversion.”

Tim Morrison said Balmain, which is only 6km west of the Sydney CBD, continues to be a hot spot for savvy investors looking for development opportunities.

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