Three adjoining industrial facilities on separate titles in Homebush West will sell for more than $30 million, generating significant interest from a wide range of potential buyers.
The properties at 179 – 181 & 185 Parramatta Road and 16 Park Road are being offered for sale in one line or via individual lots via an Expressions of Interest campaign run by Knight Frank agents Angus Klem and Wally Scales.
The vendor, associated with fabric supplier Ricky Richards, is seeking either a 12-month leaseback or delayed settlement to find a new premises after occupying the site for 20 years.
The 10,474sq m site currently has a combined gross floor area of 8,095sq m, with three street frontages to Parramatta Road, Park Road and Bedford Road.
However with a flexible B6 Enterprise Corridor zoning and 16m height limit it can be redeveloped to have a floor space ratio of 1.5:1 and a potential gross floor area of 15,711sq m over two levels.
Mr Klem said the site presented a unique opportunity to develop and create a larger floor space or occupy a large-scale industrial property within Homebush’s tightly-held markets precinct.
“This is a strategic infill location in Sydney’s inner west, situated midway between the Sydney CBD and the Parramatta CBD, opposite Sydney Markets and adjacent to the M4 Motorway.
“These underdeveloped properties are also located within the heart of the Homebush West Precinct, providing the future owner with the ability to capitalise on the precinct’s growth potential.
“The site will also benefit from strong surrounding industry, local and regional infrastructure and a world class transport network currently under construction linking the properties across Sydney via the Sydney Metro.”
Mr Scales said the properties were a large-scale industrial offering of the type that rarely becomes available for sale in Sydney’s Inner West.
“Commanding a prominent landholding of over 10,000 square metres, this offering presents an extremely rare opportunity for an incoming purchaser to acquire a landmark site in the tightly held Homebush industrial precinct,” he said.
“This is a fantastic opportunity for investors to buy now and take advantage of the strong prevailing leasing market.
“For the occupiers, the functional buildings offer the opportunity to either move in and commence operations or upgrade and repurpose the current improvements.”
The Expressions of Interest campaign for the property will close at 4pm on Thursday, October 13.