Manufacturing and steel fabrication specialist Chess Engineering has sold its long-time base in Sydney’s south-west to a local developer for $18.93 million.
Chess Engineering has occupied the 8,039sqm site at 101-103 Fairford Road in Padstow for more than 40 years, but is moving to a larger premises to accommodate its business growth.
The sale reflects a land rate of $2,355/sqm and includes a leaseback to Chess Engineering until December 2023.
The high-profile site, on the corner of Bryant Street, features 6,884sqm of improvements across three high-clearance warehouses and split-level office space.
It is directly opposite a new Bunnings and near the M5 on- and off-ramps in Padstow, 22km from the Sydney CBD.
CBRE’s Keegan Ridings and Jon Orsborn from LJ Hooker Commercial Bankstown managed the sale campaign on behalf of Chess Engineering.
“A well-known local developer secured the site after a competitive campaign,” Mr Ridings said.
“The property attracted more than 140 enquires and 11 offers, from a range of users including investors, developers, self-storage groups and pub operators.”
Mr Orsborn added: “Groups were drawn to the property’s proximity to the M5 and South Sydney, as well as the significant exposure it offers.”