Blacktown Industrial Asset Changes Hands for $7.75 Million in Off-Market Sale

A private owner-occupier has purchased prime industrial warehouse in Blacktown from Cetna Holdings for $7.75 million.

Located at 9 Chicago Avenue, the property features a substantial building area of 2,225 sqm and a land area of 3,332 sqm.

The sale, reflecting a 4.5% yield, was managed by CBRE’s Matthew Alessi and Brendan Wein who noted the unique nature of this transaction in an increasingly competitive industrial market.

Mr Alessi said the purchaser intends to occupy the property once the current tenant vacates, showcasing the growing demand for strategic real estate investments in Western Sydney.

“It was interesting to see the level of interest we had off-market from owner occupiers, who were willing to take on the low lease metrics and wait up to three years before occupying the building,” Mr Alessi said.