Two industrial units have sold in South Sydney, highlighting the constrained strata market in the region.
Units 5 and 6, 7 Meadow Way are located in the continuously growing industrial suburb of Banksmeadow, moments from Port Botany. The units feature functional warehousing with high clearance, a mezzanine office and on-site car parking.
Unit 5 is a 270sqm property and sold to an owner occupier for $1,270,000. Unit 6 covers 344sqm and sold for $1,410,400 to an owner occupier.
CBRE’s Nick Zenonos negotiated both sales on behalf of the owner Dennis Building Pty Ltd, who has secured a short-term lease back on both properties through to 2017.
Mr Zenonos said CBRE received over 60 enquiries for the units, with unit 5 selling $190,000 over reserve at auction with eight registered bidders, while unit 6 sold prior to auction.
“Limited stock in South Sydney is underpinning strong demand for assets, particularly from owner-occupiers looking to own in the area. The limited opportunities that are available are being snapped up in record time, with buyers acutely aware of the continued forecast growth,” Mr Zenonos said.
“Off the back of a change to the Sydney City and Botany Bay Council’s LEP’s, South Sydney has undergone a residential development boom. The effects of this boom have been far reaching and has resulted in the displacement of countless tenants and owner occupiers all seeking new premises in South Sydney,” he concluded.
Units 5 and 6, 7 Meadow Way are located in the continuously growing industrial suburb of Banksmeadow, moments from Port Botany. The units feature functional warehousing with high clearance, a mezzanine office and on-site car parking.
Unit 5 is a 270sqm property and sold to an owner occupier for $1,270,000. Unit 6 covers 344sqm and sold for $1,410,400 to an owner occupier.
CBRE’s Nick Zenonos negotiated both sales on behalf of the owner Dennis Building Pty Ltd, who has secured a short-term lease back on both properties through to 2017.
Mr Zenonos said CBRE received over 60 enquiries for the units, with unit 5 selling $190,000 over reserve at auction with eight registered bidders, while unit 6 sold prior to auction.
“Limited stock in South Sydney is underpinning strong demand for assets, particularly from owner-occupiers looking to own in the area. The limited opportunities that are available are being snapped up in record time, with buyers acutely aware of the continued forecast growth,” Mr Zenonos said.
“Off the back of a change to the Sydney City and Botany Bay Council’s LEP’s, South Sydney has undergone a residential development boom. The effects of this boom have been far reaching and has resulted in the displacement of countless tenants and owner occupiers all seeking new premises in South Sydney,” he concluded.
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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.
