CONSTRUCTION has kicked off on investment house Princeton’s $40 million Balmain warehouse redevelopment, which will see a history-rich site transformed into New York loft-style penthouse and terrace-style dwellings with views of Sydney harbour,
The 73-75 Beattie Street project will retain the most recognisable existing features such as the Derrin Brothers grocery store signage on its façade, signifying the Derrin Brothers grocery story that was the victim of one of Sydney’s most famous grocery heists in 1938, when thieves reportedly started packing lorries with ₤600 worth of goods including bacon, eggs, custard powder and preserved oysters – but an interruption ended the haul.
The business vacated in the 1950s and the property in recent years was home to an art gallery.
When completed, the project will span 2,015 sqm across five three-bedroom terraces and one four-bedroom penthouse and above-street-level secure car parking.
Urban Core will act as head contractor of the transformation project, building under a design and construct procurement model, following a building tender process between five construction groups.
Urban Core is a groundbreaking female-founded and sustainability-forward construction company whose portfolio includes projects across retail, government, residential, workplace and education for clients such as Abadeen, Platform Projects, Winworth Property, Fortis, Woolworths and Apple.
“Urban Core’s focus on environmental, social, and governance (ESG) felt like the perfect alignment for this forward-thinking build that proposes the challenging, but worthwhile task, of recycling the existing building, championing the sustainability principles that modern construction calls for, as well as paying respect to the building’s significance amongst the Balmain community,” said Princeton’s chief Executive, George Gadallah said.
“The head contractor plays a crucial role in how the final development looks and feels to owners, so it was important to us that our building partner aligned with our vision for the project.
“Urban Core stood out in the way they ingrain sustainability and environmental measures into their projects, plus the modern, inclusive culture they have fostered is laudable.”
Urban Core environmental commitments include waste tracking on-site to prevent unnecessary landfill, and a commitment to plant a tree for every cubic metre of waste that is delivered to landfill. To date, the company has planted hundreds of trees in the ancient Gondwana rainforest.
At the sod-turning ceremony, Urban Core’s managing director, Dominique Gill, said. “I’m sure to those warehouse workers, the idea of female tradies, female contractors, and female managing directors would have been unthinkable. Entrusting a building site to Urban Core represents a substantial leap towards the transformative change we are pioneering within the industry.
Princeton has $300 million in residential projects underway.
Australian Property Journal is a member of The Australian Press Council.
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