A rare industrial asset[i] featuring extensive warehousing and office space across a floor area of 3,594 square metres has hit Sydney’s tightly-held Inner West market, listed by the award-winning team of Luke Smith and Nick Smith of Raine & Horne Commercial Inner West/South Sydney.

According to Mr Luke Smith, the property at 6-10 Rich Street, Marrickville, which covers a land area of 3,654 square metres, presents a once-in-a-generation opportunity for an expanding local business, investor, or developer in one of Sydney’s most dynamic and vibrant commercial precincts.

“Currently, the property consists of two industrial tenancies, both featuring high clearance warehousing (6-7.5 metres), ample on-site parking, and access from two streets,” said Mr Smith, who recently sold a high clearance warehouse on 1,682 square metres at 13 Barclay Street, Marrickville for $11.1 million[ii].

“With recent sales evidence indicating industrial properties in Marrickville selling for between $6,500 - $7,500 per square metre of land, we expect this property, which is selling by Expressions of Interest (EOI), to attract plenty of attention.” The EOI closes on 16 October 2024.

Mr Smith continued, “With more warehouses redeveloped for residential purposes, the supply of industrial property is dwindling in the Inner West.

“This shortage, combined with a strong demand from established businesses willing to pay a premium to secure a location in an extremely central location, close to the CBD and the ports, suggest this property will attract significant interest and a price that matches the private vendor’s expectations.”

Two established tenants with leases secured until 2027

The current tenants include Richmond PRA Limited, an NDIS provider operating from 6a 6-10 Rich Street Marrickville. This tenancy offers a 2,015 square metre warehouse, office space, and drive-through loading dock and is leased until 31 August 2027.

Military robotics manufacturer Marathon Targets Pty Ltd is leasing 6a 6-10 Rich Street Marrickville, which offers a 1,576 sqm in warehouse and office space. Their lease also expires on 31 August 2027 making this the ideal time to plan to occupy, redevelop or reposition the property which is opposite Gelato Messina and surrounded by popular micro-breweries and distilleries.

The property boasts over 50 metres of frontage on both Rich and Chapel Streets and is zoned for various future uses or developments.

Subject to approval, permissible uses include business premises, light industries, warehouses, childcare facilities, hotels/motels, industrial retail premises, office premises, education facilities, specialised retail premises, and more.

Mr Nick Smith said Marrickville has become one of Sydney’s most popular suburbs to work, live and play. “Marrickville is central to transport, entertainment, universities and the Sydney CBD.”

“In an exciting and evolving suburb in Sydney’s Inner West, and those working at 6-10 Rich Street Marrickville, you are a short stroll from Toga’s Wicks Place Development, which features a new Harris Farm Market and 270 apartments. 

“The property is within walking distance from Sydenham train station and the Metro Railway, in an area that includes popular eateries, theatres and entertainment venues, only 7 kilometres from Sydney’s CBD.

Mr Smith stated that the successful listing of 6-10 Rich Street is a testament to the trust placed in Raine & Horne Commercial Inner West/South Sydney by its clients.

“Our team is currently engaging with a significant number of qualified buyers seeking high-quality commercial properties across the Sydney metropolitan area,” Mr Smith said.

“This fabulous listing also underscores the local knowledge and national strength of the Raine & Horne Commercial network, which has allowed us to establish a robust pipeline of commercial properties in both the Inner West and South Sydney regions.”

For more information about the property, to arrange an inspection, or to request a copy of the Expressions of Interest (EOI), which closes on 16 October 2024, please contact Raine & Horne Commercial Inner West/South Sydney at (02) 9572 8855.

[i] https://www.rhcommercial.com.au/2/properties/6-10-rich-street-marrickville-2204-new-south-wales

[ii] https://www.rhcommercial.com.au/innerwestsouthsydney/properties/13-barclay-street-marrickville-2204-new-south-wales