ESR have acquired a 7.4ha site at Villawood for $64m as it continues to ramp up its land bank for future developments.
The property at 9 Bingham Ave is an infill location within Sydney’s central west industrial precinct with potential for a prime industrial redevelopment.
The property currently comprises an older style warehouse which is currently leased to PPG Architectural Coatings until 2023.
The purchase price represents rate of $858/sqm.
The site is adjacent to Orica’s heavily remediated 12.6-hectare site at 2 Christina Road which was acquired by MaxCap for $70m in May this year ($556/sqm). MaxCap have plans to develop the site into a last mile logistics estate amid a scarcity of industrial land within 30 kilometres of the Sydney CBD.
The asset was marketed by CBRE’s Western Sydney team.
Also settling this week was the sale of 110a Christina Ave, Villawood, a 2.0ha site comprising a 3,535sqm freestanding warehouse building including warehouse office of 174sqm and a separate 1,201sqm 2 level office building. The property was acquired by a private investor for $15.1m.