Rio Developments completes 10m sell out of Seven Hills estate
Rio Developments completes $10m+ sell-out of Seven Hills estate
| 22 February 2021
Rio Developments has completed a $10,595,000 sell-out of its 10 Brumby Street, Seven Hills industrial development following the sale of the final unit to IKON Services Australia.
The national commercial cleaning and facilities management company acquired the 298sqm unit for $1.15 million in its first Sydney acquisition
CBRE’s Matthew Alessi said IKON was attracted by the opportunity to acquire a brand new, high spec building, which suited its corporate image.
The deal completes the sell-out of the 10-unit estate, which totals 2,652sqm. Multiple private purchasers snapped up the units in deals negotiated by Mr Alessi.
“The successful sell down highlights the strong investor and owner occupier demand for industrial property, underpinned by a severe shortage of industrial property and record low interest rates,” Mr Alessi said.
The 3,778sqm site was purchased by Rio Developments in 2017 and CBRE subsequently provided advice pertaining to the sell down of the planned strata estate.
Mr Alessi said the units had been well received due to their 8.5 metre clearances, extra-large roller doors, high quality up-spec fixtures and fittings and close proximity to the M7 & M2 Motorways.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, 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.