An abandoned Balmain warehouse dating back to the 1930s has been snapped up by a developer for $6.65 million. 

The 960sqm lot at 73-75 Beattie Street is currently occupied by a factory that started its life as a Derrin Brothers’ grocery store. 

Having been home to a variety of companies and industries since Derrin Brothers’ vacated in the 1950s, the building most-recently acted as an art gallery. 

CBRE's Matthew Fenn told WILLIAMS MEDIA, “The lack of supply is driving the high demand from private developers who are searching for boutique projects in strong socio-economic areas such as Balmain.”

External image of the warehouse. Source: CBRE.

Its new owner intends to develop the address within Sydney’s coveted inner-west into residential apartments or terraces, having already completed a number of projects in the area.

Just off Montague Street, the site has dual frontages on Beattie Street and Little Llewellyn Street, and is a short walk to Darling Street’s vibrant retail and dining hub.

It offers easy access to the Balmain waterfront and Sydney CBD, just 5km away, through buses on Montague and Darling Streets.

Aerial image of the site. Source: CBRE.

The site went under the hammer through CBRE’s Adam Droubi, Matthew Fenn and Nicholas Heaton, with the auction attracting 10 eager bidders. 

“The lot at Beattie Street is large, adaptable and offers significant potential, with flexible planning controls in an affluent and much-loved part of Sydney’s inner-west,” Mr Fenn said.

“This sort of development opportunity is rare, especially in Balmain, which is a highly-sought-after and tightly-held suburb.

“That resulted in high demand and a competitive auction, in line with the extremely strong interest we continue to see in development sites in prominent Sydney locations.”

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