Princeton has announced it has purchased one of Balmain’s final warehouse conversion sites, for a sum of $40 million.
To be designed by Tone Wheeler of environa studio in association with Shelley Indyk, the site will comprise five three-bedroom terraces and one loft-style four-bedroom penthouse akin to similar residences in New York. The penthouse will overlook views of the city skyline and Sydney Harbour Bridge, and is expected to attract a wealth of interest from prospective buyers. The concept drawings provided have been devised by Sydney-based firm Environa.
According to CoreLogic, Balmain has seen a 19.89 percent increase in house prices in the last year, with a median sale price of $2.7 million. Princeton Founder George Gadallah believes the site acquisition in Sydney’s inner-west is a logical and exciting move for the investment house.
“The acquisition of the Balmain site is an exciting leap forwards for Princeton in the highly competitive inner-west market,” he says.
“Balmain is one of Sydney’s most in demand suburbs and continues to outperform the wider market due to government infrastructure announcements such as WestConnex and Sydney Metro West, as well as its proximity to amenities in the CBD, strong demographic and lack of land supply.
“This development will offer home buyers dynamic, terrace-style living with unparalleled views of Sydney’s world-famous harbour, with each terrace providing a separate home office or rumpus room above basement car parking,.
“It’s going to be exciting to see this project come to life over the coming months/years and cement itself as a crown jewel of the inner west.”
Balmain boosts Princeton’s Sydney portfolio which includes Baronet & Banks Botany and Serrata Blakehurst, and the luxe development Eurangi at Bondi Beach.
For more information, head to princetonmortgagefund.com.au.
