After 30 years of ownership, the Lewy family has sold the warehouse that was part of the former Cyclops toy factory in Sydney’s inner west for $38 million.
Located at 40-76 William Street in Leichhardt, the 6931-square-metre site houses a 10,060-square-metre, four-level commercial building rented to a self-storage facility.
The new owner is a private developer who plans to landbank the asset for the next three to five years before redeveloping the site. They intend to retain the existing warehouse shell but convert the building to residential use, with loft-style warehouse apartments.
Knight Frank agents Demi Carigliano, Scott Timbrell and Anthony Pirrottina advised on the sale and said interest came from owner-occupiers, investors and developers, both locally and from offshore.
Mr Carigliano said the property was sought after due to a variety of factors, but particularly due to the potential development upside of the site.
Mr Timbrell added the 40-76 William Street site was one of the last remaining commercial properties of scale in a renowned inner-west location.
“This is the first time this remaining part of the toy factory has come to the market, with interested
buyers waiting 30 years for the opportunity to purchase such a large and significant site,” he said.
Mr Pirrottina said with the wider market lacking confidence in purchasing off-the-plan apartments, developers were looking for properties suitable for alternative style residential developments.
Source: Thanks smh.com