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Cafe lifestyle descends on Redfern as corporate home office sells for $2.25 million

One of the largest retail/residential properties on Redfern Street, Redfern has been sold for $2.25 million through Ben Forsyth at McGrath Estate Agents reports Jonathan Chancellor on 6 February 2012 in Property Observer.

 

It’s expected the property will use its commercial kitchen, with the ground floor becoming a café.

The upper floor studio spaces will be for lease.

The December sale followed fewer than a handful on the Redfern strip, which included the former post office commercial premises at 113-119 Redfern Street sold by spruiker Max Markson through McGrath agent Paul Ephron at $2,125,000 in May.

In January 2011 the 209-square-metre holding at 74 Pitt Street sold at $2.05 million, having been listed through Ben Forsyth. It was the 1880s Quirks Grocery Building, a mixed-use premises offering with a total annual income of about $133,000 from two independent residences, a café and separate office. It was architect-redesigned 12 years ago.

Forsyth says the latest sale underpins his views that Redfern is going through a renaissance.

He says The Block being demolished, the new indigenous arts college and the Sydney City upgrade have all lead to major changes in the inner-city suburb.

Source: www.propertyobserver.com.au/new-south-wales/redfern-corporate-home-office-sells-for-$2.25-million/2012020553256