LEICHHARDT · OPEN HOME
26 Mackenzie Street, Leichhardt
The warehouse dream that keeps stalling at $2M
16 September 2026
We all love a good warehouse conversion. This one just went back on the market, and it’s a perfect example of why the dream and the number rarely agree with each other.
It’s a beautiful Saturday afternoon in August, a bit overcast and a little cold. Let’s look inside this open home. This house was located on a really nice and quiet side of Leichhardt. I arrived a little early and saw that there was already a small crowd. Warehouse conversion always attracts a crowd in the Inner West and this was no different. There was a range of people inspecting, from downsizers with their wallet freshly ready to go, to young hopefuls dragging the banks of Mum and Dads in tow. There were also the noisy neighbours, the tire kickers and just those who were genuinely interested to see if they should throw their budget towards this warehouse rather than a standard 3 bedroom boring cottage.
The sale history
20 June 2015 – $1.55M (after the first renovation)
4 October 2016 – $2.1M
2 March 2019 – $1.94M
15 March 2023 – $2.2M
Now – back on the market again
Almost ten years. Two renovation cycles. And it keeps landing right back around the $2M mark. That’s not a coincidence – that’s a property telling you something.
Why
Everyone dreams of the warehouse conversion, I know I do and it’s still just a dream I’m quietly chasing. Nobody budgets for what it’ll actually cost to make a warehouse truly liveable. Look at the space you’d need to heat up – it is massive. The current owners have probably been sitting in it since 2023 doing the maths on the DA plans and realising the dream home is another six figures away from where they are now.
Asking price: $2.2M – $2.3M
Stamp duty: $103,958 (based on $2.2M) – yes, you read that right
All in, just to buy it: $2.3M+
Then the renovation, if you want it done to the level those DA plans show: another $500K–$1M plus.
So the real total, buy price plus the reno to get it to designer level, is somewhere between $2.8M and $3.3M – plus a year of living somewhere else while it happens which can tally up to $52k for rent for a 2BR house in the Inner West, in addition to the headache that comes with any renovation of that size.
Rent – at $1,000 a week that’s $52k a year
Holding Cost – Let’s say Interest is only 6.5% p.a, and you are borrowing $1.5M you are paying $97,500 a year interests
For potentially $3.3M and a year of chaos, the question is: could you just buy something already done, and no renovation required?
Yes.
Especially in a market where prices have taken a hit like we are experiencing now.
Oh — and one more thing. It currently has one bathroom. For a three bedroom home.
That’s a no from me. When you gotta go, you gotta go.
Listing Details:
26 Mackenzie St, Leichhardt NSW 2040
3BR 1B 2 Car
Initial Guide – $2.2M – $2.3M (Listed 27 July 2026)
Update 20 October 2026 – For Sale $2.1M – $2.2M
See you at the next Inside Open Home in the Inner West.
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