Build-to-rent investment manager Apt.Residential has purchased multi-story commercial buildings in suburban Sydney for A$55 million ($37 million) with plans to convert the buildings to rental apartments and studios.
The site 1-3 Smail St. in Ultimo, Australia, comprises two separate historical brick buildings originally built in the early 1900s and subsequently amalgamated by Grace Bros. Ltd. in 1949 and used for storage and warehousing purposes.
The buildings are currently leased to commercial tenants and have a net leasable area of 7,796 square meters (83,915 square feet).
Apt.Residential has plans to commence work on a development plan for the building.
“The building’s heritage value to Ultimo and Sydney is important. By restoring certain design elements, the site’s history will be celebrated in our development application,” said Matt Carolan, managing director at Apt.Residential.
Carolan added, “The Smail Street site is close to Broad
