Smithfield industrial warehouse changes hands for $27 million5 December 2023
A fully leased Smithfield industrial warehouse has sold to a migrating local owner-occupier for $27 million.
Located at 63 Britton Street, the 7101sqm building has a short-term lease and sold on an initial passing yield of 3.29%.
The property has low site coverage of 38% with a total site area of 18,900sqm and value add potential with the ability to expand the existing improvements.
CBRE’s Elijah Shakir, Jason Edge and Chris O’Brien together with Collier’s Gavin Bishop and Sean Thomson brokered the deal on behalf of the institutional vendor.
“Smithfield is one of Sydney’s strongest and most highly sought-after institutional-grade investment markets. The land value of this site is estimated at almost 100% of the overall value,” Mr. Shakir said.
“The property was sold with the ability to obtain vacant possession in February 2024, so the on-market sales campaign attracted investors and owner-occupiers who were eager to re-let or occupy the premises. Our buyer is doing just that and relocating from Marrickville.”
Mr. Bishop added, “The Western Sydney industrial market continues to be incredibly undersupplied as it is one of the most tightly held and established industrial precincts. These factors combined with a quality asset saw strong interest and as a result, a fantastic sale price.”