A historic warehouse in Sydney’s inner west has sold for $38 million, following a campaign that generated strong buyer interest. 

The 6,931 square metre property at 40-76 William Street in Leichhardt, which currently houses a 10,060 square metre four-level commercial building rented to a self-storage facility, was marketed via an International Expressions of Interest (EOI) campaign run by Knight Frank agents Demi Carigliano, Scott Timbrell and Anthony Pirrottina. 

The property was sold by the Lewy family, after 30 years of ownership. 

At a glance:

• A commercial property at 40-76 William Street in Leichhardt has sold for $38m following in expressions of interest campaign 
• The campaign generated more than 250 enquiries from potential buyers, resulting in 45 inspections, 15 EOI round one offers and 10 EOI round two offers 
• The purchaser intends to landbank the asset for the next 3-5 years, before redeveloping the site. 

Mr Carigliano said the sales campaign generated more than 250 enquiries from potential buyers, resulting in 45 inspections, 15 EOI round one offers and 10 EOI round two offers. 

“Interest came from owner-occupiers, investors and developers, both locally and from offshore,” he said. 

“The property was sought after due to a variety of factors, but particularly due to the potential upside of the site. 

“While it could remain as an investment, the property could also be repositioned or potentially redeveloped, subject to council approval. 

“The private developer who was the successful purchaser of the site intends to landbank the asset over the next three to five years while submitting a development application to fulfil the site’s redevelopment potential in the future. 
 
Mr Timbrell said the 40-76 William Street site was one of the last remaining commercial properties of scale in a renowned inner west location.  

“This is the first time this remaining part of the toy factory has come to the market, with interested buyers waiting 30 years for the opportunity to purchase such a large and significant site. 

“The Leichhardt property is one of the largest commercial buildings in Sydney’s inner west, and is in a prominent position with three-street frontage, including 88 metres along William Street. 

“It also benefits from being close to amenity and transport, including the Leichhardt light rail station, the WestConnex and Sydney Metro projects, so a future residential development would likely be very successful, with strong demand from end users.” 

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