Darlinghurst mixed-use site sells for $2.32 million

A mixed-use freehold site just moments from the Sydney CBD has sold at auction for $2.32 million, after 23 years in the same hands.

The winning bidder, a private investor who plans to occupy part of the premises in Burton Street, Darlinghurst, battled out against four others on the day, with bidding starting at $1.8 million.

“There’s no plans for development,” said CBRE’s Gemma Isgro, who marketed the property alongside Michael Khouri and Nicholas Heaton.

The site, formerly the home of art restoration and conservation business David Stein & Co., sold for $70,000 more than its reserve, with the auction finished in about five minutes.

The site has views to Sydney’s CBD. Photo: Supplied

Ms Isgro said that the majority of inspections prior to the auction were from owner-occupiers, with the site also lending itself to multiple tenancies.

The property’s mixed-use zoning could be used as either residential living, commercial operations, retail or short-term accommodation, subject to council approval.

The three-storey building has one car park and views to the CBD.

Mr Stein is moving his business to a larger warehouse in nearby Alexandria.