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Industrial sale amid property shortage

property

A private purchaser has snapped up a sought-after industrial property in Mt Druitt for $3.2 million amid Western Sydney’s severe property shortage.

The sale comes as new research shows industrial and logistics leasing activity is expected to reach almost 4 million sqm in 2021 in a new record year of demand.

Leasing activity in the first half of 2021 has already exceeded 2.3 million sqm and is broadly on par with the 10-year annual average.

CBRE’s Brendan Wein, Matthew Alessi and John Micallef brokered the off-market sale of 72 Kurrajong Avenue on behalf of the vendor Janis Aline Mayne & Hewogo Pty Ltd.

“Industrial property is in very limited supply in Western Sydney. We received substantial interest from a range of buyers, including owner-occupiers, developers and investors, in evidence that this area is still in strong demand,” says Brendan.

The 992 sqm building offers generous parking and access via a shared driveway.

The one line sale includes four strata titled units, each of which is tenanted with flexible terms.

The units are expected to return an approximate income of just under a million dollars plus GST per annum.

“The buyer had previously missed out on property in the same street making this latest listing in Kurrajong Avenue compelling. The 3,184sqm land size with further development potential, made it an attractive option,” Matthew says.

The property is conveniently located within close proximity to Westfield Shopping Centre and Mt Druitt station.

For more information on CBRE Australia, click here.

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