Colliers says clothing company Ramo has bought a large industrial property in Sydney’s Milperra for $27 million following nine first round offers.
It says the southwest 36-48 Ashford Avenue property is split across two buildings with a total land area of 11,200 sqm.
Colliers’ Trent Gallagher and Hamish Miles sold the property with LJ Hooker Commercial’s Jon Osborn.
“After a competitive EOI process with nine first round offers, totalling circa $240 million worth of capital, the asset was ultimately sold to a South Sydney occupier looking to re-locate their business to a bigger, more affordable facility,” Hamish says.
32 Hundred Lighting, Idiom Furniture and G4M Meticulous are the property’s current tenants. They have a 1.46-year WALE across the site while the yield achieved was 3.47 per cent.
“This deal continues to demonstrate the strength of the industrial market within the inner southwest and the ongoing trend of South Sydney occupiers migrating down the M5 Motorway,” Trent says.
Colliers notes it provides excellent warehouse clearance of up to 10.8 metres, a modern office accommodation throughout and ample onsite designated parking spaces. It says it also comes with IN1 General Industrial Zoning and offers future flexibility for the incoming buyer.
“The buyers jumped on the property as they saw merit in Milperra as a growth suburb on the back of the developments in the immediate area by PWD, ESR and other large corporates,” Jon says.
The investment management company says the Milperra industrial market benefits from a wide range of occupier types including retail trade, manufacturing, food processing and logistics.
It adds that since December 2021, Padstow, Milperra and Revesby, which comprise the inner southwest industrial market, has grown significantly with multiple off-market sales to institutional capital totalling more than $600 million.
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