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St Marys site sells for $24.5m

St Marys site

Colliers says its agents Carl Pearce and Matthew Flynn sold a 28,090 sqm site in Western Sydney’s St Marys for $24.5 million at an initial yield of 3.79 per cent.

The investment management company notes it received more than 90 enquiries during the campaign for 54-74 Dunheved Circuit, generating 30 inspections and 11 offers to purchase.

“The property was extremely well received during the sale campaign, attracting significant interest given the long-term leaseback to a well-established business, in a well-connected in-fill industrial precinct,” Carl says.

“The property was purchased by a private investor with the view of holding on to the property for future growth and potential redevelopment,” he adds.

Colliers says the facility consists of both production space, warehouse storage space and presentable office accommodation.

It adds that Nepean Rubber Mouldings Pty Limited has a five-plus-five-year-termed lease for the building.

“This sale has set a new benchmark for buildings of this size and nature in St Marys and demonstrates the continued strength of the broader Western Sydney investment market in the sub- $50 million price bracket,” Matthew says.

“With supply of properties to buy at record lows and huge demand from investors, owner-occupiers and developers, there has never been a time to take advantage of current market conditions,” he adds.

Colliers notes the property has a building area of 11,613 sqm, is Zoned IN1 Industrial and has additional undeveloped land, which it says provides an opportunity to investors to construct more buildings on site or to redevelop it entirely.

It says it has sold more than $85 million worth of industrial assets in Western Sydney during Q1 2022.

“As a result of running multiple competitive sale campaigns during Q1 2022, we have generated a list of some 600+ active buyers, all of whom are keen to learn of new opportunities to buy,” Carl says.

Colliers says its research shows demand over the first quarter has been broadly spread across the Western Sydney submarkets, with most purchases being in the Outer West and South West.

It adds that prime rents in Western Sydney grew at an unprecedented rate throughout Q1 2022 and notes rents will continue to increase due to lack of available leasing opportunities.

For more information on Colliers, click here.

 

 

 

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