homebush west site sold for 24.5 million dollars.
Inner western Sydney site sold for over 24 million dollars. Image: Supplied.
  • Located close to Paddy's Markets Flemington and DFO Homebush.
  • Current lease expires in mid-2024.
  • Purchaser intends to redevelop the site.

Properties located at 179-181 and 185 Parramatta Road and 29-31 Park Road in Homebush West have been sold in one line for $24.5 million.

The industrial sites currently comprise 8,095 square meters (sqm) of building area and 10,474 sqm of land.

Acquired by an owner-occupier with the intention to redevelop the site, the properties are currently leased in one line to a wholesale distribution company; the lease expires in mid-2024.

The deal was negotiated by Knight Frank‘s Angus Klem and Wally Scales, with the campaign fielding more than 120 enquiries.

“This transaction is typical of the current trend we are seeing, whereby buyers are looking for core-plus investments – that is, brownfield sites with dated facilities that have value-adding or redevelopment potential,” said Klem.

“For sellers, usually unlisted ‘mid cap’ corporates, who are sitting in accommodation that is obsolete for their needs, it gives them the opportunity to convert the capital into cash and then move into more palatable accommodation.”

Angus Klem, Knight Frank

Klem added that the current tenant has been at the site for over 20 years, and the purchaser will benefit from an income stream while they consider lodging a development approval or seek other regulatory approvals.

The property is also a strategic infill location, in Sydney’s inner west, according to Scales.

“After scouring the market for several years, the purchaser was attracted to this property because the site area, three street frontages and surrounding transport network was particularly suitable for their purposes,” said Scales.

“Industrial property is still in short supply across Sydney, and this offering was an outstanding opportunity for a buyer to secure a very sizeable piece of land in a strategic location.”

You May Also Like

‘Re-lifing’ Australia’s old offices to meet our emissions targets and add much-needed housing supply

As Australia faces the deadline for its 2030 emissions target, urban retrofitting emerges as a crucial strategy for success.

Can pets help bring workers back into Australia’s offices?

Remote work’s popularity poses challenges for office owners, pushing unconventional solutions like pet-friendly spaces to entice employees.

Australian offices bounce back, with occupancy rising to 71% of pre-pandemic levels

Australian CBDs rebounded impressively, with the office occupancy rate reaching 71% of pre-pandemic levels in Q3, signalling a resurgence.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.