Sydney, 09 June 2016 – A freestanding industrial facility in Sydney’s west has sold under the hammer for $6,575,000 after attracting strong interest from owner occupiers, private investors and syndicators.
CBRE’s Elijah Shakir and Peter Blade steered the successful auction sale of the high profile Smithfield building, located at 73 Victoria Avenue.
An owner occupier in the automotive manufacturing and fit out industry secured the property, with the intention of partially occupying the building and leasing out the remainder.
The asset has a building area of approximately 3,745sqm and a site area of circa 6,197sqm.
“Throughout the campaign CBRE was able to generate an enormous amount of competition from owner occupiers, private investors and syndicators, which resulted in a sale price that exceeded the vendor’s expectations on the day,” Mr Shakir said.
“The fact that just a short term lease was in place was particularly appealing to owner occupiers, seeking to take occupation of the premises on a staged basis. The building’s main road exposure and high profile were two of the other attractions for the eventual purchaser.”
Mr Shakir noted that the building’s configuration allowed for multiple warehouse users – making it suitable for occupation and investment.
The $6,575,000 sale price translated to a building rate of $1,756/sqm.
For Australian/international news or global stories, follow us on Twitter. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com. About CBRE Group, Inc.
