$61m industrial sale continues hot run in western Sydney
A private developer has swooped on an 8.6ha industrial site in Sydney’s Wetherill Park industrial site for $61 million.
The site, which could be transformed into a major cold-storage property, was sold in an off-market deal through JLL.
JLL’s head of industrial, NSW, Michael Wall, negotiated the sale to the industrial developer on behalf of a western Sydney-based private investor.
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“The sale price represents $710 per square metre, a strong figure for the western Sydney market where the demand for industrial land continues to be high,” he says.
Wall says pricing is a reflection of demand by major groups seeking to expand their supply chains as the growth of Sydney continues.
The outer-central-west precinct — within which Wetherill Park is located — has, in particular, consistently experienced a relatively strong level of take-up activity
The outer-central-west precinct — within which Wetherill Park is located — has, in particular, consistently experienced a relatively strong level of take-up activity
The partly developed site at 250 Victoria St is about 12km from the western Sydney hub of Parramatta.
JLL’s director, research, Australia, Sass J-Baleh, says demand for industrial stock is still rising, with evidence of transactions being made via joint ventures and capital partnering.
“The outer-central-west precinct — within which Wetherill Park is located — has, in particular, consistently experienced a relatively strong level of take-up activity, averaging around 45% of total floor space demand levels in Sydney over the past decade,” J-Baleh says.
Wetherill Park is also close to the M4 and M7 motorways, key connectors for accessing other parts of Sydney.
“Accessibility to road infrastructure is a priority for users attempting to achieve efficiency and agility in their supply chain network,” Wall says.
This article originally appeared on www.theaustralian.com.au/property.
