Warehouse Conversions: What Buyers & Sellers Need To Know
Sydney’s residential warehouse market is highly unpredictable.
They’re much talked about, but few genuine warehouses come onto the market in a given year, and when they do, it takes knowledge and expertise to market them to the right buyer.
Here are answers to some of the most common questions about this unique corner of the eastern suburbs real estate market.
Where can I find an eastern suburbs warehouse?
Areas with an industrial past are the obvious choice for today’s warehouse conversions. In Sydney’s inner city, most warehouses are concentrated in suburbs like Paddington and Surry Hills, with a few also available in Darlinghurst.
Last year, for example, we sold a one-bedroom warehouse in Darlinghurst’s Printers Lane that offered city views from its rooftop terrace and a sleek, New York loft style conversion inside. We also listed this amazing converted property in Liverpool Street Paddington.
Suburbs like Redfern and Chippendale are also hotspots for both residential and commercial warehouses, such as this Myrtle Street office conversion. You’ll also find some warehouse conversions scattered further afield in Alexandria, Rosebery or other parts of the inner east.
What are warehouse buyers looking for?
Warehouse buyers will usually be persuaded by one of two things: the perfect conversion, or the potential the property has to be transformed. Some of the other important sale factors include:
- Making the best use of available space: A smart warehouse conversion should feel expansive and airy while also offering separate spaces to relax and sleep in.
- Bringing in the maximum amount of light: With the right design in place, the high ceilings warehouses offer should mean plenty of natural light.
- The right location: While design matters, many buyers are just as focused on finding a warehouse within walking distance to the lifestyle amenities that matter to them.
How do I know how much my warehouse conversion is worth?
Predicting how much a warehouse conversion will sell for is difficult because each sale depends largely on which buyers know about the property. The positive for sellers is that few genuine warehouses are available anywhere in the eastern suburbs, so these properties can attract huge interest and push bids well above average.
At the same time, because these properties are so different to typical eastern suburbs housing stock, reaching the right price requires your agent to market to the right buyers. Rely on a standard sales strategy and you could risk being overlooked by important demographics.
How your agent should market your unique property
It’s easy to assume that the more unique a property is, the easier it will be to sell. But getting the best price for an unusual home is a delicate process.
Your agent should be able to offer:
- An existing database of buyers who are looking for a specific type of home.
- Marketing strategies that go beyond basic online and print advertising to make strong connections with potential buyers.
- Experience in selling this type of property and knowledge of what buyers will be focused on.
Above all, it’s local market expertise about how much similar properties have sold for in the past – and what made the difference on auction day – that will have the biggest impact on your sale price.