Princeton is moving ahead with its $40-million plan to build five terrace homes and a penthouse in one of the few remaining warehouses of a historic Sydney district.
The Sydney-based investment house has signed female-founded Urban Core as head contractor on the project at 73-75 Beattie Street, Balmain.
The 955sq m site was sold by Belle Living Pty Ltd in 2021 for $12.35 million and settled in April last year. It has dual frontage onto Little Llewellyn and Beattie streets.
Princeton chief executive George Gadallah said they had taken a drone to the site to see what the site’s potential—and decided to close the deal.
“There were more than 200 people interested in the site and we bought it a week before the close of the expressions of interest,” Gadallah said.
“When I first saw the site I loved it—an old warehouse with a lot of history in a suburb that has outperformed the rest of the Sydney market.
“I was pleasantly surprised to discover there were amazing views of White Bay while at the penthouse levels there are views to the city skyline.”
When completed, the project will span 2015sq m across five, three-bedroom terraces and a four-bedroom penthouse with parking through the existing entrances to the site.
The design would retain the Derrin Brothers grocery signage on its façade. The warehouse was targeted by a grocery heist gang in 1938. The thieves started packing lorries with ₤600 worth of goods, including bacon, eggs, custard powder and preserved oysters, before being disturbed and leaving empty handed.
The 278sq m site next door and its dilapidated garages sold for $2.5 million last year to R & D Beattie Properties, led by Daniel Gattone and Romolo Nigro.
Urban Core’s managing director Dominique Gill said the Princeton project was the kind of building project that made construction attractive in the first place.
“I’m sure to those warehouse workers, the idea of female tradies, female contractors and female managing directors would have been unthinkable,” Gill said.
“Entrusting a building site to Urban Core represents a substantial leap towards the transformative change we are pioneering within the industry.
“We are committed to delivering this project in line with our diversity and sustainability targets and for this job to set a precedent in the industry.”
The Balmain project joins an already strong portfolio for Princeton, including $300 million in residential projects under way. Its development Eurangi, at Bondi Beach, is due for completion next year.
