Colliers says it partnered with a national developer to sell 58 industrial and storage units at The Depot in Prestons in Sydney’s southwest for more than $17 million.
The investment management company notes the units’ sizes range from 18 sqms to 174 sqms with small business owners buying the properties as a limited supply of quality industrial storage units fuelled the campaign.
The company says sales rates for the area were “incredibly strong” with prices reaching more than $7423 per sqm.
Colliers’ Fab Dalfonso, Rino Gazzera, John Tsoutsa and Kieran Tsipidis cooperated with the national developer to secure the sale.
“2021 has set new benchmarks for the sector as leasing and investment demand reaches new heights,” Fab says.
“We are seeing this trend continue in 2022 as buyer demand continues to significantly outweigh supply,” he adds.
“Although the project is complete, Colliers is still receiving strong interest in this development and anticipate that industrial units could yield returns of sub four per cent.”
Colliers says the development was popular because there were two types of units on offer. These included industrial units that were 98 sqms and 174 sqms with an internal clearance of up to seven metres.
It notes the units also had full container height roller doors and two to three car spaces, which were mainly sold off-the-plan and made them appealing to investors.
“Following the successful sale of the industrial units, we still have a large database of buyers who missed out on this opportunity and are eagerly searching for similar properties,” Kieran says.
Colliers also adds that small and medium business owners, investors, and newcomers were attracted to the sale because the high clearance storage units were between 18 sqms and 43 sqms and did not have a mezzanine.
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