Sydney's Waterview Wharf Workshops listed for sale for first time in 50 years
Harbourfront property is arguably the most sought-after real estate in Sydney, so when Savills agent Tim Grosmann secured the listing for a parcel of nine heritage buildings in Balmain East, he admits to being taken aback.
“Holdings of this nature just don’t come up for sale,” he says. “To call it a significant opportunity would be an understatement.”
First sale in 50 years
Waterview Wharf Workshops, a 4276-square-metre holding at 37 Nicholson Street, is being offered to the market for the first time in 50 years, with about 75 per cent of the internal space currently leased.
It has 95 metres of north-facing harbour frontage overlooking Mort Bay and offers direct water access via a small marina with nine berths. A private waterfront boardwalk enhances the property’s sense of exclusivity.
There are 66 on-site car spaces, and the buildings have been recently renovated to provide modern and high-tech working environments.
“The refurbishment was meticulous and restored these buildings to their former glory, so there’s nothing for the new owner to do,” Grosmann says.
He says the current rental mix of small-to-medium enterprises could appeal to prospective buyers, but there are also tantalising opportunities to reconfigure or completely overhaul the property.
Multiple pathways to value
An approved strata subdivision plan allows for 28 commercial strata lots, offering flexibility for a future sell-down strategy. In addition, previous approval for two residential terraces above the car park has now lapsed but the opportunity to investigate renewed development consent remains.
An ambitious developer could also consider a luxury residential or mixed-use conversion, subject to approvals.
Grossman says the property’s location on the Balmain peninsula gives it strong and enduring appeal for tenants.
“Balmain is one of those fringe suburbs that’s close enough to the city to be convenient but slightly removed from the chaos,” he says.
“There are significant pockets of wealth, and for residents who don’t want to travel into the city but need an office close by, this offering is ideal.
“The ferry to the city is just down the road if need be.”
Harbourfront history
The nine buildings on the site were constructed in 1905, when the Adelaide Steamship Company bought the property and established a ship repair yard for its coastal fleet.
Operations ceased in the 1960s, and the site passed through the hands of several developers before being re-fashioned as office space in the 1980s.
The property is now part of a deceased estate and is being offered to the market via expressions of interest, closing on December 2.
Savills has not publicised a guide. “There are so many different kinds of potential users for this asset that different people are going to value it differently,” Grosmann says.
He is confident the property will attract significant interest, adding: “It is a genuine once-in-a-generation listing.”
