Smaller industrial sites selling in Sydney

Smaller industrial sites

CBRE says its team members Matthew Alessi and Brendan Wein negotiated the sales of three properties in Sydney for almost $10 million as smaller industrial sites are proving their worth.

It adds that these same agents sold an industrial site on 13 Vangeli Street in Sydney’s Arndell Park for $2.94 million.

Musdev Pty Ltd bought the 1513 sqm property, which CBRE says was at a competitive auction with six registered bidders and 19 bids pushing the sale price $29,000 over the reserve.

The other properties Matthew and Brendan sold were similarly sized to the Arndell Park property. They sold a site at 130 Glendenning Road, Glendenning on behalf of Blacktown City Council and 9 Bonz Place, Seven Hills for private vendor Rominoff Pty Ltd.

“All three sites attracted substantial interest from private developers and local owner- occupiers, which is reflective of continued strong demand and historically low supply across Western Sydney,” Matthew says.

The property and investment management firm says the Arndell Park site is zoned IN1 General Industrial, offers 30.5 metres of frontage to Vangeli Street, includes a fully serviced hardstand, and is securely fenced at the boundary.

It adds that it was leased monthly to a leading car and truck manufacturer for the past two years, and is suitable for use as a storage yard, which is subject to the relevant planning approvals.

According to the company, Akura Properties Pty Ltd purchased the 2518 sqm Blacktown City Council site in Glendenning – one of the last vacant industrial parcels in the area – for $3.48 million.

It says the site is zoned IN2 Light Industrial, allowing for a wide range of uses, and offers 47 metres of frontage to Glendenning Road, is fully serviced, and securely fenced.

Matthew says seven registered bidders had pushed the sale price $780,000 over the reserve price.

CBRE notes 9 Bonz Place was sold pre-auction for $3.25 million.

It says the fully serviced site is zoned IN1 General Industrial and is currently suitable for use as a storage yard, which is subject to the relevant planning approval.

It adds that it also offers a complying development certificate (CDC) for a 1051 sqm freestanding industrial building.

“With a clear goal of what price was needed for the owner to sell, we secured an offer well over the owner’s expectations, which prompted the pre-auction sale,” Matthew says.

He notes that the CDC approval had been a key drawcard for the purchaser, with the site representing one of the last remaining vacant land parcels in the area.

For more information on CBRE, click here.

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