Colliers agents Anthony Ongarello and Charlie Woodley have, in conjunction with Industry Property Group’s Andrew Macqueen, secured the successful sale of a prime 2,440sqm industrial warehouse in the tightly held inner-west pocket of Braybrook for $3,950,000.
Situated on a 3,168 sqm allotment, 487-51 Cranwell Street attracted several owner occupiers and investors, having been brought to market for the first time in nearly 30 years.
Colliers Senior Executive Anthony Ongarello said, “There is great demand for quality industrial assets in the western market. With vacancy at extremely low levels, on-market campaigns are currently transacting at levels that frequently exceed expectations.”
“We received a high volume of interest with potential buyers particularly attracted to the already established local amenities and connectivity to key roads, such as Ballarat Road and the Ring Road,” said Mr Ongarello.
The asset was sold to a private investor, with a short-term leaseback to Asian food product wholesaler Mrs Tran’s Kitchen, which will continue to occupy the property for another 12-18 months before relocating to a brand-new facility in the south east.
The new owner will either be re-leasing the property or using it for their business once it becomes vacant.