Colliers’ Trent Gallagher and along with LJ Hooker Commercial’s Jon Osborn are managing an industrial site, which the investment management company says they expect to fetch more than $50 million.
It adds that the more than 27,030 sqm parcel of industrial land with 9344 sqm all-purpose hardstand is rare and held in a record tight industrial market. It also features five tenancies and a functional building area of 7975 sqm.
“This scarce industrial offering comes with huge scope to value add and reposition existing buildings or develop a multi-level logistics facility to capitalise on the unprecedented Sydney industrial leasing demand,” Trent says.
“The site is suitable for owner-occupiers, investors or developers,” he adds.
Colliers notes the 92 Gow Street property in South West Sydney’s Padstow can either be purchased in one line or as two separate lots (12,230 sqm and 14,800 sqm).
Additionally, it comes fully leased with a short WALE allowing for immediate upside, in addition to Development Approval consent for industrial strata units at the rear of the site.
Strategically positioned minutes from the M5 and on/off ramps, the site and its large concrete hardstand suitable for heavy duty storage, is easily accessible with three driveways off Gow Street.
“With the upgrade of the M5 motorway and the opening of the M8, there has been a significant increase in interest in the inner south-west,” Jon says.
The property is also approximately seven kilometres south of the Bankstown Town Centre, 22 kilometres South West of Sydney CBD, and 13 kilometres from Sydney Airport.
The bullet-proof investment opportunity hits one of the most tightly held industrial markets with virtually no land supply in Padstow, and low vacancy seeing rents for the inner South West market grow 17 per cent in the last 12 months. Rents are forecasted to grow another 10 per cent over the next year.
Groups are looking to capitalise on the area’s proximity to South Sydney and the Sydney CBD, and the value that this market holds compared to South Sydney and Central West, according to Jon.
92 Gow Street, Padstow is being offered for sale via an Expression of Interest campaign, closing 3:00 pm (AEST) on Wednesday September 7, 2022.
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