A recently-refurbished warehouse in Smithfield has been purchased by an owner occupier for $7,950,000, plus GST.
Factory Fast, the new owner of 15 Sturt Street, will relocate from its current location in Sydney’s south to the west.
The 4,650sqm site is home to a modern 3,306sqm building, with dedicated office space and clearance of up to 9.4m.
CBRE’s Elijah Shakir, John Tsoutsa, and Janet Joljian managed the sale.
“The property was well received by owner occupiers and investors alike, pushing the rate past $2,400 per square metre,” Mr Shakir said.
“The transaction highlights the increasing demand for infill western Sydney locations, with the scarcity of land in metropolitan industrial areas driving capital values higher in order to secure sites in the $7 million to $10 million price range.
“The eventual buyer was yet another south Sydney owner occupier looking to relocate due to a higher and better use of their existing facility.”
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.
