The Mount Druitt property at 87 Kurrajong Avenue was purchased by Coronet One Pty Ltd for $3.7 million – reflecting a yield of 3.31 per cent.
The fully-tenanted complex, comprising of a 4084 sq m site with a 1441 sq m building, generates a net passing income of $122,709.
The secure site features high-clearance units with ample parking for each tenant and is within reach of the Great Western Highway, M4 motorway, Mount Druitt train station and the local Westfield.
CBRE’s Matthew Alessi, Brendan Wein and John Micallef managed the Mount Druitt property sale on behalf of the private vendor.
“The competitive campaign generated 205 enquiries, more than 10 registered bidders, 88 bids and ultimately a sale price $707,000 above the reserve,” Mr Alessi said.
“We had substantial interest from owner occupiers, developers and investors, which is reflective of the continued strong demand and lack of supply for purchase opportunities across western Sydney.”
Elsewhere in Sydney’s west, investors and owner occupiers paid a combined $23,165,000 for 10 lots within a brand-new industrial land estate in Penrith.
The near-40,000sqm subdivision at Hickeys Lane will become the Parklands Industrial Estate in western Sydney’s growth corridor, with sales over an 18-month period representing an average land rate of around $600/sqm.
The freehold lots span 2,012sqm to 8,219sqm, with the largest block purchased by Grove Investments for $4,109,500+GST.
Hickeys Lane is 1.3km north of Penrith train station, and one of the few sites in the suburb situated above the latest flood levels.
It is within reach of the M4 Motorway and will be approximately 30 minutes from the new Badgery’s Creek Airport.
CBRE’s John Micallef and Matthew Alessi managed the campaign in conjunction with Robert Tappouras from PRD Nationwide Commercial on behalf of the vendor, CWA Developments.
“Demand for industrial land in western Sydney has never been higher,” Mr Micallef said.
“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.”