Property Watch: Islington warehouse conversion expected to set a new suburb sale record

Once the Newcastle Plastics Factory, carpenter Tim Nall and his wife Jessica meticulously transformed the property into a large and luxurious residence.

Working with the existing footprint of the factory, they have been able to deliver a home that is unassuming from the road but packs plenty of wow factor once inside.

The result is around 440 square metres of internal space, which is enhanced by soaring 3.25-metre ceilings. It has a dual-level floorplan and, unlike many other warehouse conversions, a clever internal terrace fills the property with natural light.

The property at 27 Chinchen Street has four bedrooms, three bathrooms, a study, open plan living and a six-car garage with 3.2m roller door entry.

Recycled timber from the original factory has been used throughout and upstairs are two separate quarters - a parents retreat and a kids area with three bedrooms, a bathroom and a rumpus area.

It is being marketed by Joel Soldado, of Harcourts Newcastle, who reported good interest.

The residential sale record for Islington is $1.41 million, set for the exchange of another warehouse conversion at 14 Power Street nearly 12 months ago.

But Mr Soldado said there had been "significant growth in the market since then" and a more comparable sale would the $1.79 million result for another warehouse conversion at 11 Bryant Street in Tighes Hill last November. That sale established a new price high for Tighes Hill.

"It's a beautiful home and you're not going to find this anywhere else in Newcastle," Mr Soldado said. "Some of the people who are looking at this home are comparing it properties like the Black House in Merewether."

The property is set for auction on April 7 and open for inspection Saturday at 11am.

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The current theme of strong sales under the hammer have continued with several recent auctions attracting a large number of bidders and selling for well over their price guides.

A 1920s Merewether property on the market for the first time in around 50 years attracted 29 registered bidders last Saturday and sold for $525,000 over the top of its guide.

Matt Barnes, of Richardson & Wrench, marketed the four-bedroom home at 15 Llewellyn Street with a guide of $1.25 million. Bidding opened at $1.35 million and the hammer fell at $1.875 million after "a lightning fast auction".

It attracted a mix of buyers, both local and from out of area, with the eventual purchaser local.

There was all local interest for a renovated home at 31 John Street in Tighes Hill that was marketed by Mr Barnes with a guide of $790,000 to $850,000 and sold at auction for $1.025 million with 12 registered bidders.

In Cooks Hill on March 17, there was believed to be 14 registered bidders for a renovated residence at 110 Dawson Street marketed by PRD Newcastle and Lake Macquarie's Jesse Wilton with a guide of $1.65 million to $1.8 million that sold under the hammer for $2.29 million.

Last weekend, a waterfront reserve property at 41 Balcolyn Street, Balcolyn marketed by McGrath Toukley with a guide of $1.45 million sold at auction for $1.95 million.

More auction news on pages 4-5.

A luxury three-bedroom apartment with an exclusive address and what agents George Rafty, of First National Newcastle City, and Street Property's Damon Sellis both described as a "Santorini feel" has reportedly generated a lot of enquiry in its first week on the market.

The brand new property at 54A Bar Beach Avenue, Bar Beach is being marketed with a guide of $3.6 million to $3.9 million and is set for auction on April 10. It is open today at 2.15pm.

It has a dual-level floor plan with the top level devoted to a master suite and open plan living which extends to a terrace and mineral plunge pool.

Walkom Real Estate have listed an original 1960s home with city and harbour views at 82 Scenic Drive, Merewether with a guide of $1.85 million. The property is on the market for the first time in over 50 years.

Expectations are believed to be above $1.7 million for a luxury five-bedroom, three-bathroom house with a pool on a block 835 square metres in size at 14 Dilkera Avenue, Valentine that is being marketed by Belle Property Lake Macquarie.

PRD Newcastle and Lake Macquarie have a three-bedroom, two-bathroom apartment on the "coveted" sixth floor of the Perkins & King building in Newcastle's East End development for $2.5 million. It has exclusive access to a sky terrace.

First National Newcastle City have set a guide of $900,000 to $990,000 for three-bedroom home on a 955 square metre block at 7 Church Street in Lambton.

Expectations are believed to be in the high $700,000 range for a four-bedroom home at 9 Amber Avenue, Fletcher that is being sold by Belle Property Lake Macquarie.

Belle have also listed a three-bedoom house at 1 Lemana Place in Kahibah with interest expected in the high $600,000 range.

McGrath New Lambton have a three-bedroom home at 57 Fay Avenue, New Lambton for $880,000 to $940,000.

A three-bedroom house at 11 Granada Avenue in Macquarie Hills has been listed by Altitude Real Estate Warners Bay with a guide of $625,000.

First National Newcastle City have a three-bedroom townhouse at 2/247 Warners Bay Road, Mount Hutton for $490,000.