Princeton announces new project for Balmain site
- Written by Scene Magazine
PRINCETON ANNOUNCES ACQUISITION OF RESIDENTIAL DEVELOPMENT SITE IN THE HEART OF BALMAIN
Sydney-based investment house, Princeton, has acquired one of the last remaining warehouse conversion sites in the Balmain Village Precinct in inner-west Sydney, worth a combined value of $40 million.
The residential development site, located on 73-75 Beattie Street Balmain, spans 957.40 sqm and is set to comprise of five spacious three-bedroom terraces and a one-of-a-kind New York loft-style four-bedroom penthouse overlooking spectacular views of the City Skyline and Harbour Bridge.
Construction will commence in the first quarter of 2023.
The new residential site will be a welcome addition to the affluent suburb of Balmain which has seen a steady increase in property prices over the last five years, with the latest CoreLogic figures (2022) indicating a growth rate of 19.89% over the last twelve months and a current median sale price of $2.7M.
Princeton founders George Gadallah and Craig Anderson said the new addition provided the perfect step for their quick growing investment portfolio in Sydney’s inner-west.
“The acquisition of the Balmain site is an exciting leap forwards for Princeton in the highly competitive inner-west market,” said Gadallah.
“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,” he said.
“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 joins an already strong portfolio from Princeton, including residential projects underway in Baronet & Banks Botany and Serrata Blakehurst, and a one-of-a-kind luxury living, Eurangi, Bondi Beach.
