An industrial warehouse in Alexandria, Sydney has sold for more than $24 million with a yield of four per cent.
The 4120 sqm property was sold with a short-term lease back of 80 per cent of the building, with the remaining 20 per cent remaining vacant.
Colliers sold the industrial building, which is situated at 100-104 Euston Road, to a private investor.
Trent Gallagher, the National Director at Colliers says the building is part of a growing development.
“The Alexandria market is the most expensive industrial market in the country due to its close proximity to Sydney CBD and the Eastern Suburbs,” Trent says.
“Buyers are aggressively bidding for property in this market and setting new price records on a weekly basis.”
Colliers sold the property on behalf of a private owner-occupier, with Gallagher saying the sale came at a solid period in the market.
“This is the strongest we have ever seen the market in terms of industrial property, with yields for investments of quality product now below 4% net,” he says.