Wetherill Park corporate headquarter site sells for over $16million

An owner occupier has purchased a tenanted industrial facility at Wetherill Park for over $16 million, amid limited supply of built form facilities in Western Sydney.

Located at 8 Kellaway Place, the 5,715sqm site incorporates a 3,642sqm full height concrete warehouse with access via two roller shutter doors.

Akzo Nobel, a Swedish paints and performance coatings company, occupies the site with a lease expiring October 2023. With a passing rental of $515,000 net pa, the sale price reflects a 3.31% yield with a pending lease expiry.

CBRE’s Janet Joljian and Elijah Shakir brokered the deal via Private Treaty.

“The property consists of an industrial freestanding site split into two tenancies, ultimately providing an opportunity to occupy or re-position upon lease expiry,” Ms Joljian said.

“The purchaser was attracted to the building due to the ability to occupy one tenancy and receive uplift in rental within the other tenancy.”