An investor who decided to test the demand for freestanding warehouses in Sydney secured $8,900,000 for their Smithfield asset last week.
In a collaboration between Parkside Commercial Real Estate’s Western Sydney and South Western Sydney agencies, 163 Woodpark Road exchanged at $5,133psm for the B-Grade building.
Offering efficient access to the Cumberland Highway and M4, the property attracted a broad range of enquiries, eventually selling to Atlas Smithfield Property Pty Ltd which specialises in the repurposing of bulky electronic equipment.
It was the first time the property had been offered for sale since 2001 with the seller keen to realise the growth in the local market, said Aymen Sobbi, co-Director at Parkside Commercial Real Estate Western Sydney.
Mr Sobbi said the Reserve Bank of Australia’s August rate cut drove a spike in enquiry for the listing.
“The property has been well maintained and properties within Smithfield, which remains tightly held, are always attracting interest in the market,” he said. “Being a freehold opportunity further propelled interest.
“Owner-occupiers have been listening to the RBA’s commentary and have greater confidence in where the cash rate is headed, and the debt they will service.
“The purchaser is part of the sustained movement of tenants looking to make the leap to owner-occupancy.”
Matt Keeping, co-Director at Parkside Commercial Real Estate South Western Sydney, said there is significant demand from buyers for opportunities between 1500-2000sqm. The Woodpark Rd listing has a building area of 1,734sqm.
“There’s very little available in that size around the M4, which is reflected in the exceptional result,” said Mr Keeping.
“The purchaser hadn’t been looking for long but recognised the benefits of its central location and efficiencies it would offer their business operations.
“Freestanding industrial opportunities around the M4 are always finding new buyers, allowing sellers to realise the gains they’ve made throughout the market.”
The property, which features a peak internal clearance of 7.3m within the warehouse, also offers generous hardstand suitable for container drops offs and storage. Two at-grade roller doors also allow convenient loading access.
The carpeted and air-conditioned office stretches across 221sqm.
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