A Fairfield industrial facility owned and occupied by Prochem Pipeline Products for more than 60 years has sold under the hammer for $5.405 million – more than $1.3 million over the reserve price.
CBRE’s Ryan Jennings, Raj Chaudhary and John Karlovasitis managed the sale process of the 27 Lisbon Street property on behalf of Prochem Pipeline Products Pty, which is relocating to a brand new, purpose built facility nearby.
Positioned on a 5,565sqm site, the property comprises a highly functional freestanding building spanning 2,937sqm, consisting of a high clearance warehouse, open plan office layout, workshop area and large yard area for easy truck maneuverability.
The property, purchased by a private investor, was sold with a 12-month leaseback to Prochem Pipeline Products Pty, to ensure adequate time for its new facility to be completed.
Mr Jennings said the property attracted strong buyer interest, with five bidders competing at the auction on the day.
“Given the supply shortage of quality industrial buildings in the Western Sydney market, we were able to achieve a premium price that was $1.305 million over the reserve,” Mr Jennings said.
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About CBRE Group, Inc.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
