Versatile Southern Sydney Industrial site sells for $15.5m30 November 2023
A strategic meticulously maintained two-storey commercial building in one of Southern Sydney’s most significant industrial growth corridors has sold to a private investor for $15.5 million.
The approximate 4,048sqm site with a quality 2,344sqm commercial building at 52-60 Kent Road in Mascot generated eight bids and second round offers, with the Colliers team of Michael Crombie and Jackson Wray securing the deal on behalf of Dick Smith Investments.
The building offers the possibility of a substantial 1.2:1 gross floor area upon redevelopment or reconfiguration and accommodates various business opportunities and operations given the property’s versatile layout.
“In this scenario, the pricing reflects both the land and building value, offering the new owner flexibility to generate a steady income. This allows them the time to assess and determine the future prospects for this site,” Mr. Crombie said.
“It was a brilliant campaign, drawing considerable interest from numerous buyers, with an owner-occupier successfully securing the site,” Mr. Wray added.
Zoned E4 General Industrial, the building has a corner position with three street frontages and a flexible zoning allowing for commercial use.
The property has a height limit of 44 meters that provides ample room to move vertically. On top of this, there are 74 parking spaces catering to the needs of customers, visitors and employees.