Acquired for $24.5m in March 2018, 23 Bourke Road Alexandria comprises four existing industrial tenancies. Tipalea intends to refurbish, reposition and re-lease the space as five boutique hybrid retail/warehouse/office properties ranging in size from 500 to 2,000 m2.
This asset will be a long-term holding for the group as the South Sydney commercial market improves in what is a prime growth location in Green Square.
The combined landholdings of 23 & 29 Bourke represent over 1.1ha of land with 150 metres of frontage to Bourke Road. The site itself is just 350 metres from Green Square railway station.
If completely redeveloped, 23 Bourke Road could provide for 12,000 m2 of new office space whilst Tipalea’s adjoining 29 Bourke Road can deliver a further 10,000 m2.