Grove Group Investments have sold an industrial land holding in Sydney’s Outer West for $9,085,000, representing a 121% uplift within two and a half years of purchase.
The 8,219sqm industrial lot, located at 15 Hickey Road Penrith, was originally purchased for $4,109,500 in August 2020 as part of an 11-lot subdivision.
CBRE’s John Micallef and PRD Commercial’s Rob Tappouras brokered the recent transaction via an off-market sale.
“The vendor had plans to develop the site, but several attractive offers were put forward resulting in a joint decision to sell the asset. This provides evidence of the lack of small industrial lots available in Western Sydney,” Mr Micallef said.
“The large lift in valuation over that past two and a half years is reflective of the severe shortage in industrial land in Western Sydney, and continuous demand from industrial businesses to grow their footprint in order to continue servicing the growing population.”
The land was sold to a local owner occupier looking to expand their business.