The Glenmore Meat company at 40-46 Wentworth Park Road, Glebe has sold for $23,580,000 after receiving 26 bids and over 250 enquiries from local and Chinese-based developers.
The 2,034 square metre site was ultimately purchased by a local Chinese-backed developer, AVP Developments Pty Ltd.
Colliers International Associate Director of Development sites Ryan Bennetts said the Glenmore was one of the most hotly contested development sites this year.
“Glebe is shaping up as one of Sydney’s most desirable residential markets given its proximity to the CBD, walking distance to Sydney’s leading universities and upcoming rejuvenation of White Bay and the Fish Market precinct," he said.
Glebe is positioned to take advantage of the redevelopment of the Bays Precinct - one of Sydney’s most significant urban transformation initiatives - which will see the harbour-front area become a bustling hub of enterprise, activity and beautiful spaces.
“The sale and interest in the Glenmore Meats site represents emerging developer preference for owner-occupier style product with townhouses most likely for the site," Bennetts said.
"The scarcity of townhouse product amid many high-density projects in the area will see the purchaser deliver an inimitable product in an exceptional residential area.”
The sale contributes to a select number of premium development sites to hit the market in 2017 as stock levels experience dramatic decrease due to high sale volumes in recent years causing a scarcity of available sites in the city fringe.
Glenmore Meats Founder and Owner Fred Newton said the business has left a sentimental mark on the suburb and Glebe for many Sydney-siders over the years however the transformation of the suburb into a vibrant residential location will now see a delightful redevelopment of the site complementary and sensitive to its surrounds.
The recent sale of 141 Allen Street, Leichhardt also sold by Colliers International for circa $55 million to Chinese developer Changfa Investments achieved a record price earlier this year.