Marrickville shop top sells $350,000 above reserve

Sydney, NSW (16 May, 2017) – A shop and residence in Marrickville sold for a whopping $6.15 million at auction last week, a record for the suburb.

“The competitive auction, which attracted several developers and investors, delivered a price that was $350,000 above the reserve,” said listing agent, Ben Ayers of Raine & Horne Projects.

“The vendors are a private local family and the buyers are a couple of brothers looking to invest together,” said Mr Ayers.

The site includes three ground floor shops with a spacious second floor residence and a DA approval enabling the development of a mixed use building with 22 lots.

“The DA allows for 98 square metres of ground floor commercial space, five 1-bedroom apartments, seven 1-bedroom apartments with additional studies, eight 2-bedroom apartments and one 3-bedroom apartment,” said Mr Ayers.

“It also includes communal rooftop space and 14 car spaces. A DA approved site in Marrickville like this is extremely rare, which made it a very desirable asset for developers and investors.

“Marrickville is living up to its reputation as the ‘new Paddington’ with its eclectic mix of cafes and restaurants, and this auction result reflects this.”