Warehouse in Alexandria’s evolving tech-creative pocket, in the new 24-hour cultural precinct, up for sale by Knight Frank

One of the largest remaining warehouses in Alexandria’s evolving tech-creative pocket, the new 24-hour cultural precinct, is up for sale.

The property at 56 – 64 McCauley Street in Sydney’s south consists of a 1,458sq m freehold highly-functional warehouse building on a 1,390sq m site.

It has significant upside potential, including through repositioning or redevelopment opportunities.

The property is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Anthony Pirrottina and Demi Carigliano.

Mr Pirrottina said the building was currently tenanted on a month-to-month lease to a longstanding food manufacturer, and presented buyers with multiple and flexible options for its future.

“The building includes high-clearance warehousing, a functional office, dedicated car parking and full drive-through access to McCauley Lane, ensuring practicality for future use,” he said.

“The flexible B7 Business Park zoning suits a broad range of uses, and subject to approvals, there is the potential to add floorspace or reconfigure the building.

“Additional floorspace is also available via floor-to-space ratio uplift, which especially benefits from the asset only having one neighbouring property.

“Investors can also take advantage of the booming rental market, as comparable industrial rents in the immediate surrounds continue to soar well north of $450 per square metre.”

Mr Carigliano said the asset was primed for strong future growth driven by the fact that it is one of the largest remaining freehold land holdings in North Alexandria, a gentrifying locality and in Sydney’s new 24-hour cultural precinct.

“Surrounded by creative offices, breweries and trendy developments, Alexandria is becoming an extension of Surry Hills and the CBD fringe,” he said.

“This dynamic region continues to evolve into a modern and sought after suburban hub, and McCauley Street directly benefits from an unprecedented level of public and private capital being outlaid at its doorstep.

“Waterloo Metro Station is a short walk from the property, and is due to open imminently, providing access to Sydney’s new driverless train metro system.

“In addition, Green Square is approaching completion and is also a short walk from the property, including a heavy rail station, shopping centre, and impressive public amenity at Gunyama Park.”

As Alexandria and its surrounding suburbs’ populations surge, a need for more food and beverage, cultural and arts, and shopping precincts has emerged. As a result, the City of Sydney has identified plans for a new cultural precinct in Alexandria, within which 56-64 McCauley Street is located.

The plan identifies four hectares-plus of commercial/ industrial land whereby a new 24-hour trading area with an arts, cultural and entertainment focus would be encouraged in a heritage warehouse precinct in north Alexandria, between McEvoy Street to the north and Alexandra Canal to the south.

The McCauley Street warehouse which has an imposing 47 metres of frontage, has features including three roller door access points with drive through access, with a cool room, grease trap, three phase 180 amp power and gas available on site.

It also has ample onsite parking, with a separate 118sq m garage area.

The Expressions of Interest campaign for the property will close at 4pm (AEDT) on Thursday, March 14.’