Wetherill Park Infill Site Sold for LFR Expansion

1 June 2021

The demand for industrial assets and land continues to be strong in Western Sydney with a 14,000sqm site in Wetherhill Park sold for just under $1,300/sqm.

The site at 1019 Canley Vale Rd was marketed by CBRE in March and attracted strong interest from buyers seeking an industrial infill site with a flexible business zoning and was ultimately sold for $17.895m.

The site is suitable for industrial, warehousing and large format retail services and has good access and exposure from a 150m frontage to Canley Vale Rd.

The site was snapped up by Rayra Investments, a related party to Ray Itaoui who also owns the adjoining Greenway Village Homemaker Centre fronting The Horsley Drive. Rayra Investments exchanged contracts in early April and settled in late May.

Ray was previously the CEO of Sanity and ultimately acquired the brand off his then boss, Brett Blundy. Several years later they established a bulky goods business which ultimately was spun off as Aventus. Ray Itaoui continues to be a non executive director of Aventus and holds about 5.5% of the stock in Aventus. Ray also owns and operates a number of other retail stores including Honey Birdette, Mr Vitamins and The Universe Store.

Ray is likely to expand the existing large format retail centre into the new site with additional retail tenancies and parking. The neighbouring Greenway Village Homemaker Centre already contains over 50 tenancies including Officeworks, BCF, Spotlight, Supercheap, Pet Barn, and 3 Gyms.