Two sites in Glendenning Industrial Estate have recently transacted under the hammer for a combined $7.215 million.
CBRE’s Industrial & Logistics team of John Karlovasitis, John Micallef and Mathew Alessi negotiated both transactions, with the site being snapped up by two individual owner occupiers.
Located at Lots 1 and 8 Kilto Crescent, the vacant sites offer areas of 5,248sqm and 8,283sqm respectively. Both sites are regularly shaped and benefit from industrial zoning, allowing for flexible development potential in the tightly held North Western Sydney market.
Lot 1 was acquired by a private owner occupier for $2.855 million – indicating a land rate of $544 per sqm.
Engineering service company, Jay & Lel Civil Contractors snapped up Lot 8 for $4.36 million – representing a land rate of $526 per sqm.
Mr Karlovasitis said the competitive sales campaign received in excess of 100 enquiries by a range of developers, investors and owner occupiers.
“The strong buyer interest, which was underpinned by the flexible development opportunity in one of Sydney’s leading industrial areas, contributed to the successful final sales result which surpassed vendor expectations.”
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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.