Tipalea Partners has launched a new $40 million commercial project at 23 Bourke Road, bringing brand new high-end showroom space to Alexandria in Sydney’s south.
Previously a four-unit industrial estate, Tipalea will refurbish and reposition the estate to become eight boutique tenancies for creative office and retail showroom users with flexible spaces available ranging in size from 130 to 2,700 m2.
Prominently located at 23 Bourke Road on the corner of Bowden Street in Alexandria, the estate comprises 5,133 m2 of office/warehouse space on a site of 6,175 m2. It adjoins Tipalea’s existing 5,000 m2 property at 29 Bourke Road.
This property is a long-term holding for Tipalea and is well located in a transformational location within Australia’s strongest industrial market. It adjoins the new $90 million commercial development at 29 Bourke Road.
23 Bourke Road was purchased early in 2018 for $24.5 million.
Tipalea Partners intends to undertake a total overhaul of the estate to deliver dramatic new creative spaces. Industrial style roller doors will be replaced by sleek new glass façades and interiors will be in a clean, white minimalist style with abundant natural light and full air-conditioning.
Colliers International will run the leasing campaign for 23 Bourke Road and anticipates interest from a range of tenants. Flexible lease structures will be offered including short and long-term leases.
The property is located just 350 metres from Green Square train station and the $1.7 billion Green Square Town Centre – Australia’s largest urban renewal project. Upon completion, Green Square is anticipated to be the most densely populated region of Australia.
“Brand new high-end showroom space on Bourke Road is a rarity and we expect it will draw a range of users from retailers seeking the exposure and profile of the Bourke Road location through to creative commercial users like architects and design agencies,” said Michael Crombie, National Director of Property Sales and Leasing at Colliers International.
“It also presents a very flexible opportunity the market hasn’t seen before. These minimalist stylish units will enable tenants to incorporate their own branding and identity. Further, the spaces themselves are flexible as are the lease terms,” he said.
The refurbishment is set to commence in August, 2018 with completion in December, 2018.
Last June Tipalea acquired the neighbouring 29 Bourke Road, Alexandria for $13.4 million. It has recently lodged a DA to demolish the existing four-unit industrial estate and develop 10,000 m2 of new office space on the 5,000 m2 site.