A 9,394sqm Penrith industrial facility that was home to a frozen food supplier has changed hands for $6.3 million plus GST, and is set to be subdivided.
A former base of PFD Food Services, 51-69 Leland Street, Penrith has been purchased by local developer Rise Projects.
Buildings currently occupy 5,347sqm of the property, which Rise Projects intends to subdivide into four freehold lots; renovating two existing warehouses and constructing two new 1,500-1,800sqm facilities.
Due for completion in September, the buildings have already attracted strong interest, with a manufacturing firm signing a long-term lease for 1,680sqm in one of the to-be-renovated warehouses.
Located in Penrith’s established industrial precinct, the property is within 5km of the M4 Motorway and Penrith train station, while the M7 Motorway and new Western Sydney Airport are also within 25km.
CBRE’s John Micallef and Moshe Greengarten facilitated the sale on behalf of PFD Food Services and the lease on behalf of Rise Projects.
“The property had a long history as a cold-storage facility, but offers significant potential for Rise Projects,” Mr Micallef said.
Having delivered numerous projects in the Penrith region over the past four years, this acquisition is part of Rise Project’s further expansion into the Greater Western Sydney industrial market.
“We are very pleased to add this property to our growing portfolio of industrial assets and look forward working with CBRE to acquire more medium-sized industrial properties in key growth areas,” Director of Rise Projects, Daniel Pszczonka said.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.
