Redfern warehouse sells for record $3.6 million at auction

This one-bedroom warehouse at 73-75 George Street, Redfern sold for $3,615,000 on Saturday – $315,000 above reserve.
This One-bedroom warehouse at 73-75 George Street, Redfern sold for $3,615,000 on Saturday – $315,000 above reserve. Photo: Supplied

An old warehouse in Redfern set a new suburb record on Saturday, selling for $3,615,000 under the hammer – $315,000 above its reserve price.

The raw offering at 73-75 George Street is currently configured as a one-bedroom home with a kitchen, garage and two long empty rooms.

The sellers have made a $2 million windfall, having bought the space from the Anglican Church in 2012 for $1.43 million and spent $500,000 on renovations.

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Selling agent William Phillips of BresicWhitney said more than 200 groups had inspected the property.

“I don’t think I’ve ever run a campaign with as much interest,” he said.

Co-selling agent Michael Kirk said the warehouse was used to make bombs during WWII and also featured in an Aeroplane Jelly advertisement.

Of the eight buyers who registered to bid, half raised their cards in a bidding war that opened at $2.9 million.

The offers were made in speedy $50,000 jumps until $2.3 million, then slowing to $5000 and eventually $1000 increments.

The new owners are a young couple with children, who will use the unique space as a family home.

In August, a home at 27 Chelsea Street beat its own suburb record by $900,000, when it sold after two years for $3.45 million.

Venture capitalist Dan Gammell and his art dealer fiancee, Eleanor Cheetham, bought the Georgian-era home of the late artist activist Brenda Humble in 2013, forking out $2.58 million.

The couple then moved on to another converted warehouse a suburb over, purchasing the converted Surry Hills home of artist Colin Lanceley and his widow, Kay, for $5 million.

 

 

Thanks Domain.com.au