A local owner occupier has acquired 79 Elliott Street, Balmain at auction for $3.86m under on-site auction conditions.
This prime freehold corner asset was previously let to the restaurant Efendy and has for the last 18 years been a local hot spot for Balmain locals. Sitting on a large 398sq m* site, the asset has a commercial kitchen, large outdoor seating area and has 297sq m* of NLA over two levels, perfect for a variety of different uses.
Despite its heritage restrictions, the purchaser aims to refurb the interior, and re-position as another booming restaurant and bar.
The auction yielded a large crowd and went for $360,000 above reserve. The property was sold by Nick Lower, Selin Ince and Oliver Ridley of Savills Metropolitan & Regional Sales.
“This result is yet again another indication of the pent up demand for assets of this nature. Strong fundamentals and a good location will always preform well under auction conditions. Enquiry numbers were stronger than ever before – a real show of the times,” he said.
“There is a significant lack of stock on the market currently, and we have not seen this trophy asset offered to market in 10 years,” Nick Lower said.