Should Glebe residents in Sydney's inner-west be worried now that developers, investors and owner-occupiers are waking up to the once-sleepy town's allure?The announcement that the Glenmore Meat Company site is being offered for sale follows Roxy-Pacific's $280 million development West End Residences, located nearby, that "pairs the rush of city living with a creative village vibe" according to marketing collateral, with its modern take on historical brickwork.
Colliers says Glebe is growing strongly in its off-the-plan sales.
“The city fringe residential market has experienced strong growth in recent years, in particular for off-the-plan sales in areas such as Glebe, Darlington, Redfern and Surry Hills, which have been buoyed by investors and owner occupiers alike,” said Residential Managing Director Peter Chittenden.
“Glebe in particular is uniquely positioned to benefit from the current and future improved transportation infrastructure, connectivity and proximity to the CBD, universities, hospitals and lifestyle amenities, as well as the Bays Precinct.”
“A scarcity in new housing being delivered in Glebe is due to a number of contributing factors, including limited opportunities for residential development, tightly held land and often restrictive planning controls.”
Speaking about West End Residences, Roxy-Pacific Director Benjamin Hopkins said they wanted to maintain the rich history of the site’s prominent location.
“Our vision for the site was inspired by the culture of Glebe, the rich architecture of Ultimo as well as the inner city living allowing residents to walk to the CBD, Broadway and Sydney Harbour in a matter of minutes,” he said.
“We wanted to create a village atmosphere so the residents would be inspired by their place of residence, which will be timeless with its unique design and attention to detail.”
Colliers International is selling ‘The Glenmore’, a 2034sqm site located at 40-46 Wentworth Park Road, Glebe, which currently houses the Glenmore Meat Company, a local Glebe establishment which was founded in 1967. Colliers said the name would be "familiar" to Sydneysiders with origins dating back half a century.
West End Residences launched on April 1 this year and sold 70% of apartments in the first day.
Located just 3km south-west of the Sydney CBD, Glebe is positioned moments from the redevelopment of the Bays Precinct, perhaps Sydney’s most significant urban transformation initiative, which will see the harbour-front area become a bustling hub of enterprise, activity and beautiful spaces.
Glebe is also home to one of Australia’s most infamous mansions, which hit the market in 2016 with a price tag of $7.5 million.
Once owned by the Macarthur family, the seven-bedroom Lyndhurst estate at 57-65 Darghan St had a chequered history before being restored by stockbroker Tim Eustace.