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Wetherill Park corporate headquarter site sells for over $16million

An owner occupier has purchased a tenanted industrial facility at Wetherill Park for over $16 million, amid limited supply of built form facilities in Western Sydney.

Located at 8 Kellaway Place, the 5,715sqm site incorporates a 3,642sqm full height concrete warehouse with access via two roller shutter doors.

Akzo Nobel, a Swedish paints and performance coatings company, occupies the site with a lease expiring October 2023. With a passing rental of $515,000 net pa, the sale price reflects a 3.31% yield with a pending lease expiry.

CBRE’s Janet Joljian and Elijah Shakir brokered the deal via Private Treaty.

β€œThe property consists of an industrial freestanding site split into two tenancies, ultimately providing an opportunity to occupy or re-position upon lease expiry,” Ms Joljian said.

β€œThe purchaser was attracted to the building due to the ability to occupy one tenancy and receive uplift in rental within the other tenancy.”

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