- Ten lots in Penrith sold for over $23M
- Lot of eight industrial units in Mount Druitt sold for $3.7M
- CBRE says demand for such sites in western Sydney has never been higher
Industrial sites are continuing to be highly sought after by investors with two such sites in western Sydney attracting over $25 million.
An almost 40,000sqm subdivision at Hickeys Lane in Parklands Industrial Estate, in Sydney’s west, has been sold for a combined $23,165,000 across ten lots.
Sales for the site occurred over 18 months with the average land rate being $600/sqm.
The freehold lots, located 1.3 kilometres north of Penrith train station, span from 2,012sqm to 8,219sqm in one of the few sites of Penrith that is situated above the latest flood level.
The sites are within reach of the M4 Motorway and approximately 30 minutes from the future Western Sydney Airport which is to be operating in 2026
Grove Investments purchased the 8,219sqm site for $4,109,500 + GST.
The campaign was managed by CBRE’s John Micallef and Matthew Alessi in conjunction with PRD Nationwide Commercial’s Robert Tappouras on behalf of CWA Developments.
Mr Micallef said the demand for industrial land, such as the site on Hickeys Lane, has never been higher in western Sydney.
“Hickeys Lane has attracted a mix of investors and owner-occupiers, which underlines the fact both types of buyers are equally eager to secure opportunities as they arise,
“With the cost of capital so low and a shortage of industrial land, we are seeing sharp increases in land prices at the moment.”
John Micallef, CBRE
In another western Sydney industrial sale, a lot of eight industrial units were auctioned for $3,707,000 – more than $700,000 above the reserve price.
The 87 Kurrajong Avenue 4,4084sqm site, which features a 1,441sqm building, was purchased by Coronet One Pty Ltd from an undisclosed seller.
The site is near Great Western Highway, M4 motorway, Mount Druitt train station and Westfield Mount Druitt.
The competitive auction sale was also managed by CBRE’s Matthew Alessi and John Micallef, along with Brendan Wein.
Mr Alessi echoed his colleagues view that investors are eager to purchase industrial sites in the area.
“The competitive campaign generated 205 enquiries, more than 10 registered bidders, 88 bids and ultimately a sale price $707,000 above the reserve,
“We had substantial interest from owner-occupiers, developers and investors, which is reflective of the continued strong demand.”
Matthew Alessi, CBRE
