Empty building sells for twice expected price:
A deserted electrical substation astonished agents when it sold for double the anticipated price.
This unexpected outcome surprised everyone involved in the sale process.
The aging white brick structure is located on a worn industrial block in Waterloo, Sydney.
Additionally, a barbed wire fence surrounds the property, separating it from the street.
However, this barrier has not deterred graffiti artists from leaving their artistic marks on the south wall.
The heritage-listed building was originally constructed in the early 1910s as an electrical substation.
For many decades, Electrical Substation No. 18 played a vital role in supplying electricity to local homes and businesses.
Earlier this month, Colliers introduced the property to the market.
The agents responsible for the sale were Trent Gallagher, Sam Thomlinson, Justin Rosenberg, and Michael Crombie.
They initially estimated that the property would sell for around $1 million.
Consequently, they were astonished when it ultimately sold for an incredible $2.05 million at auction.
This price was more than double their original prediction, leading to great excitement.
“We experienced a tremendous amount of interest from a diverse group of potential buyers,” Rosenberg stated.
Ultimately, this led to a fantastic outcome for our client, which was very rewarding.
The bidders presented a range of imaginative ideas for the property’s future use.
Some proposed converting it into residential accommodations, while others suggested a restaurant or bar.
Moreover, there were ideas for office space, a showroom, or even a whisky bar, showcasing creativity.
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Bidders from the restaurant and café industry showed significant interest in the property.
This enthusiasm highlighted the potential of the location for various culinary ventures.
“241 Young Street, Waterloo, is an exceptionally unique and heritage-rich mixed-use freehold property,” Gallagher stated.
He further explained that the eventual purchaser exceeded initial price expectations by more than double the original estimate.
Additionally, they have plans to integrate the building into the adjacent large-scale residential development, enhancing its value.
While the buyers aimed for residential conversion, Crombie believes the building will likely adapt for multiple uses over time.
He expressed optimism about the area’s future, stating, “We expect that Dank Street will eventually evolve into a much greater precinct.”
Crombie’s prediction reflects the growing potential of the neighborhood beyond just the one street.
