A cavernous, light-filled warehouse home has hit the market for the first time in more than 40 years, with the rare property expected to attract both creative buyers and developers.

Tucked away in a quiet cul-de-sac in the upmarket suburb of Balmain in Sydney’s inner west, the property at 23 Barr Street has been the home and workspace of artist Sandra Leveson since the early 80s.

Artist Sandra Leveson has called the converted Balmain warehouse home since relocating from Melbourne more than 40 years ago. Picture: realestate.com.au/buy

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Leveson acquired the former chemical warehouse and converted it into a residence after making the move from Melbourne and undertaking an exhaustive search for a conveniently-located property that could serve as both a home and studio.

The enormous space is the ultimate artist's pad, flooded with natural light from the steel-framed windows in its dramatic sawtooth room, and adorned with Leveson’s work throughout.

The grand proportions of the warehouse make the home ideal as a space to live and work. Picture: realestate.com.au/buy

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The prolific artist is known for her works that fused abstract expressionism and op-art, including the signature use of screen printed dots overlaid on her canvases.

With a total of 535 square metres of internal living space, the sprawling home includes four bedrooms and four bathrooms, as well as multiple living areas across the ground floor and mezzanine.

Huge steel-framed windows flood the building with natural light. Picture: realestate.com.au/buy

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The central open-plan area is split into a gallery and combined living area and workspace, while an open-air portion of the warehouse includes an elevated swimming pool.

The ground floor also includes the commercial grade stainless steel kitchen, as well as a self-contained apartment with a separate entrance, kitchen and bathroom, and a garage doubling as a loading dock.

The warehouse opens on tiled 10m x 13m space that currently serves as a gallery for Leveson's work. Picture: realestate.com.au/buy

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Upstairs is a second living and dining space overlooking the street, as well as two loft-style bedrooms.

At the other end of the building above a large storage space is another living area, which is where one of Leveson’s largest works is currently displayed.

The huge warehouse features multiple living spaces. Picture: realestate.com.au/buy

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Selling agent Danny Cobden of CobdenHayson said the one-of-a-kind property, which has a $7 million price guide, was unlike any other in the area.

“It’s a very unique opportunity for Balmain,” he said.  “Warehouse residences are quite rare – there's been smaller ones that have been sold but not something of this scale.”

A commercial-grade stainless steel kitchen is at home in the industrial setting. Picture: realestate.com.au/buy

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Mr Cobden said homes converted from former industrial buildings were in high demand, but the eventual purchaser would likely undertake further renovations to capitalise on the huge property.

“It's probably fair to say that while it’s perfectly liveable now, somebody will probably come along with some imagination and a good architect and probably reconfigure things to suit their requirements,” he said.

The flexible property allows potential buyers to reconfigure it to suit their needs. Picture: realestate.com.au/buy

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“But the inherent attributes — the vast expanse of space and the incredible amount of light it gets —  they probably wouldn't change.”

The 573sqm site is set across three titles, meaning it could also attract interest from developers seeking to transform the former industrial building into separate homes, Mr Cobden said.

Purchasers may value the expansive warehouse for its development potential. Picture: realestate.com.au/buy

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More warehouse conversions on the market

Across the city in St Peters, another converted warehouse is on the market on a 221sqm corner block at 74 Appleby Street.

This warehouse in St Peters has been converted into a two-bedroom home. Picture: realestate.com.au/buy

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The eclectic home has two plywood-clad bedrooms built into the former joiner's warehouse, which features soaring ceilings, exposed timber beams and an eclectic interior.

The 100-year-old property retains much of its original character in the expose timber beams and vaulted roof. Picture: realestate.com.au/buy

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In Melbourne, a home in the 1860-built clothing factory once celebrated as the city's first sewer-connected building has hit the market.

An warehouse conversion in the heritage-listed Phoenix Clothing factory in West Melbourne is on the market now. Picture: realestate.com.au/buy

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Offered for expressions of interest with a $2.15-2.35 million guide, the three-storey property at 2-4 Phoenix Lane, West Melbourne faces a cobblestone laneway, with a versatile space with kitchenette and courtyard on the ground level ideal for entertaining.

The flexible ground floor could serve as a living area, home office or another bedroom. Picture: realestate.com.au/buy

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A bedroom, living area and a "glass-box" library occupy the first floor, with an open plan living and dining space at the top.