CBRE says manufacturing and steel fabrication specialist Chess Engineering has sold its long-time base in Sydney’s south-west to a local developer for $18.93 million.
Keegan Ridings from the investment management firm and Jon Orsborn from LJ Hooker Commercial Bankstown managed the sale campaign on behalf of Chess Engineering.
“A well-known local developer secured the site after a competitive campaign,” Keegan says.
“The property attracted more than 140 enquires and 11 offers, from a range of users including investors, developers, self-storage groups and pub operators,” he adds.
CBRE notes that Chess Engineering has occupied the 8039 sqm site at 101-103 Fairford Road in Padstow for more than 40 years but is moving to a larger premises to accommodate its business growth.
It says the sale reflects a land rate of $2355 per sqm and includes a leaseback to Chess Engineering until December 2023.
“Groups were drawn to the property’s proximity to the M5 and South Sydney, as well as the significant exposure it offers,” Jon says.
CBRE adds that the high-profile site is on the corner of Bryant Street, and it features 6884 sqm of improvements across a three high-clearance warehouse and split-level office space.
It says it is directly opposite a new Bunnings and near the M5 on- and off-ramps in Padstow, 22km from the Sydney CBD.
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