A large warehouse in Sydney’s inner south has sold following strong buyer demand for the asset during a sales campaign.
The property at 5-7 Bourke Road, Alexandria was purchased by an owner-occupier from a private developer for $12 million.
The deal negotiated by James Masselos and Demi Carigliano of Knight Frank in conjunction with CBRE’s Nick Zenonos following an Expressions of Interest (EOI) campaign.
The Alexandria asset is a quality freestanding industrial building spanning 1,677sq m across warehousing office and showroom accommodation. It occupies a 1,393sq m site.
The property was sold with a development approval (DA) in place for a nine-storey mixed-use development comprising 5,363sq m of gross floor area.
Mr Masselos said the EOI campaign generated significant buyer interest from a range of parties, including owner-occupiers, investors and developers given its existing improvements and future development upside.
“It was ultimately purchased by an owner occupier, demonstrating the demand for high-quality South Sydney freeholds in great locations,” he said.
“5-7 Bourke Road is strategically located in a core South Sydney precinct, underpinned by world-class transport, retail, entertainment and business amenity in a thriving city fringe location.”
Mr Carigliano said the property offered a unique opportunity to secure a commanding asset in one of Australia’s most coveted industrial and commercial precincts.
“It also has exceptional exposure to one of South Sydney’s key arterial thoroughfares, with significant frontage to Burke Road, and is just 200 metres from Green Square Station, providing excellent accessibility.
“In the current market we are finding well-located quality investments are highly sought after by a diverse range of buyers.
“Those with strong growth potential are particularly sought after. The Alexandria property had great prospects for the future, directly benefitting from an unprecedented level of public and private capital on its doorstep resulting gentrification of the area.”
The $72.3 billion infrastructure pipeline in the area includes Alexandria’s Health Centre at 28-32 Bourke Road, City of Sydney’s North Alexandria Enterprise Area road additions and surrounding private developments.
Related Articles
