HERITAGE WAREHOUSES REBORN AS SYDNEY WORKSPACES UNDER THE HARBOUR BRIDGE
A cluster of century-old warehouses beneath the Harbour Bridge has been transformed into a modern workplace hub, now home to more than 100 businesses.
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Six historic warehouses beneath the Sydney Harbour Bridge have been given a new lease on life, re-emerging as Work inc., a co-working precinct housing over 100 businesses.
Built in the 1920s to support the construction of the Harbour Bridge, the Lavender Bay structures have served various roles over the decades, from housing highway patrol units to operating as car dealerships.
Founder Mark Davidson said the potential of the site became clear when he first encountered the abandoned Bay 10 warehouse.
“When I first stumbled upon the abandoned Bay 10 warehouse, it was leaky and forgotten, but I saw incredible potential,” Davidson said.
“We weren’t just building offices; we were building a community, creating a space where the grit of Sydney’s industrial heritage could inspire the next generation of innovators.”
The development retains much of the original industrial character, with soaring concrete walls and exposed steelwork now sitting alongside floating glass office pods, curated interiors and collaborative breakout zones.
Among the site’s quirks is Bay Ten Espresso, a café housed in a converted shipping container once seized during a major drug smuggling operation. It now serves as a coffee hub for both tenants and the wider Lavender Bay community.
Davidson said its inclusion underscored the broader theme of transformation.
“When we found this particular shipping container, its illicit past made it an even more compelling part of our story of reinvention. Now, it’s serving up a much-needed, perfectly legal kind of fix,” he said.
Work inc’s mix of preserved heritage and contemporary design has turned a piece of Sydney’s industrial history into a case study in adaptive reuse, while providing an unconventional workspace for the city’s growing business community.
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Buyer demand, seller confidence and the First Home Guarantee Scheme are setting up a frantic spring, with activity likely to run through Christmas.
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The spring property market is shaping up as the most active in recent memory, according to property experts Two Red Shoes.
Mortgage brokers Rebecca Jarrett-Dalton and Brett Sutton point to a potent mix of pent-up buyer demand, robust seller confidence and the First Home Guarantee Scheme as catalysts for a sustained run.
“We’re seeing an unprecedented level of activity, with high auction numbers already a clear indicator of the market’s trajectory,” said Sutton. “Last week, Sydney saw its second-highest number of auctions for the year. This kind of volume, even before the new First Home Guarantee Scheme (FHGS) changes take effect, signals a powerful market run.”
Rebecca Jarrett-Dalton added a note of caution. “While inquiries are at an all-time high, the big question is whether we will have enough stock to meet this demand. The market is incredibly hot, and this could lead to a highly competitive environment for buyers, with many homes selling for hundreds of thousands above their reserve.”
“With listings not keeping pace with buyer demand, buyers are needing to compromise faster and bid harder.”
Two Red Shoes identifies several spring trends. The First Home Guarantee Scheme is expected to unlock a wave of first-time buyers by enabling eligible purchasers to enter with deposits as low as 5 per cent. The firm notes this supports entry and reduces rent leakage, but it is a demand-side fix that risks pushing prices higher around the relevant caps.
Buyer behaviour is shifting toward flexibility. With competition intense, purchasers are prioritising what they can afford over ideal suburb or land size. Two Red Shoes expects the common first-home target price to rise to between $1 and $1.2 million over the next six months.
Affordable corridors are drawing attention. The team highlights Hawkesbury, Claremont Meadows and growth areas such as Austral, with Glenbrook in the Lower Blue Mountains posting standout results. Preliminary Sydney auction clearance rates are holding above 70 per cent despite increased listings, underscoring the depth of demand.
The heat is not without friction. Reports of gazumping have risen, including instances where contract statements were withheld while agents continued to receive offers, reflecting the pressure on buyers in fast-moving campaigns.
Rates are steady, yet some banks are quietly trimming variable and fixed products. Many borrowers are maintaining higher repayments to accelerate principal reduction. “We’re also seeing a strong trend in rent-vesting, where owner-occupiers are investing in a property with the eventual goal of moving into it,” said Jarrett-Dalton.
“This is a smart strategy for safeguarding one’s future in this competitive market, where all signs point to an exceptionally busy and action-packed season.”
Two Red Shoes expects momentum to carry through the holiday period and into the new year, with competition remaining elevated while stock lags demand.
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