Glebe's Glenmore Meat Company site expected to fetch $20 million
The famous Glenmore Meat Company in Sydney’s inner west suburb of Glebe is on the market for an expected $20 million, capitalising on the recent residential success achieved by Roxy-Pacific’s West End Residences and the $250 million Sydney Fish Market redevelopment nearby.
The 2034-square-metre site at 40-46 Wentworth Park Road has been the home of the Glenmore Meat Company since 1967 and has origins dating back half a century to a small meat company based in Paddington’s Glenmore Road.
It is being sold as a residential site and can accommodate townhouses and student accommodation, said Colliers International’s Ryan Bennetts, who is selling the site with Guillaume Volz.
“Proximity to the University of Technology Sydney has resulted in strong interests from student accommodation providers,” Mr Ryan said.
“Glebe in particular is uniquely positioned to benefit from the current and future improved transportation infrastructure, connectivity and proximity to the CBD, universities, hospitals and lifestyle amenities, as well as the Bays Precinct,” Colliers International’s residential managing director Peter Chittenden said.
“A scarcity in new housing being delivered in Glebe is due to a number of contributing factors, including limited opportunities for residential development, tightly held land and restrictive planning controls due to lands with heritage significance.”
The site’s north-east facing aspects are protected by zoning controls.
It is also 600 metres to the Glebe light rail station, Broadway shopping centre and opposite Wentworth Park and the greyhound racing track. When the NSW government ban greyhound racing, it said the site would not be sold for housing even though it could fetch up to $160 million.
It is understood that prices in Glebe have skyrocketed to about $17,000 a square metre as demand for housing and attractions in the area increase.
The site is 600 metres to the future new $250 million Sydney Fish Market, currently leased to building materials manufacturer Hanson.
The new market will have 15,500 square metres of seafood retail space, compared with the current 6582 square metres.
