A prime industrial site in the heart of Sydney’s south west has been sold to a private investor for north of $20 million in just seven days through the Colliers team of Angus Urquhart and Trent Gallagher.
One of the last remaining flagship industrial sites left in the south west industrial precinct, the property at 321 Milperra Road, Milperra, is currently occupied by renowned Australian auction company Pickles on a three-year lease. They have occupied the 14,500sqm site for over 15 years.
“The south west Sydney industrial land market has never been this strong and is underpinned by record low interest rates and a laser focus on the industrial product line where investors and developers want to buy land to re-develop into multi-level industrial strata,” Mr Gallagher said.
“We are also seeing a continued drive from South Sydney buyers and tenants looking into the core south west industrial markets in search of better value,” Mr Urquhart added.
Extending across 19 titles and with triple street frontage, the property has incredible potential for the new purchaser thanks to the IN1 General Industrial zoning and a building area that covers 53 per cent of the site (7,823sqm).
The south Sydney market has been a hub of activity throughout 2021, with the Sydney South Colliers office transacting over $250 million worth of property from seven sales.
“The region has gone from strength to strength this year as buyers compete for scarce industrial land, with this expected to continue into 2022 off the back of some monumental deals at the back-end of the year,” Mr Gallagher said.
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