$20 million Milperra industrial sale goes lightning-fast in hot market
An industrial site in Sydney’s south west has been sold to a private investor for over $20 million in under seven days.
The property of 321 Milperra Road in Milperra is one of the last remaining industrial sites left in the southwest industrial precinct.
It has been occupied by Australian auction company Pickles for over fifteen years across the 14,500 sqm site.
The flagship industrial site was sold through the Colliers team of Angus Urquhart and Trent Gallagher.
An overhead view of the Milperra site.
“The southwest 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 redevelop 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.
The south Sydney market has continued to be a hub of activity throughout the year, with the Colliers office transacting over $250 million worth of property from seven sales.
Colliers also recently sold a logistics facility in Milperra.
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The property offers a lot of potential for buyers due to the General Industrial zoning and a building area that covers 53 per cent of the site.
In November 2021, Colliers also sold a logistics estate on 373 Horsley Road in Milperra for $34.2m
South-west Sydney’s industrial land market has continued to grow over 2021.
“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.
Milperra is considered to be a strategic site for acquisition given the significant investment in infrastructure currently under way.
South-west Sydney is also considered to be hot property for commercial investors, as prices have skyrocketed in the wake of a deal with QANTAS to construct a new airport and create a new “aerotropolis” zone near the eventual site in Milperra.
Areas like Moorebank, Kingsgrove, Alexandria and Port Botany have all seen a similar effect of rising office property listings and commercial developers considering new developments within these southwest urban centres.
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