An industrial property in Sydney’s outer west suburb of St Marys has been leased shortly after its recent sale – highlighting the shortage of available stock in western Sydney.
Custom Bus Asset Management Pty Ltd signed an eight-year lease on the 18-30 Vallance Street property within seven days of first inspecting the site.
The property, underpinned by a 20,700sqm site, consists of a 9,765sqm building featuring modern office accommodation and high clearance warehousing.
CBRE’s John Micallef, Moshe Greengarten and Shaun Timbrell negotiated the lease for an annual rental of $105 per square metre net.
“After selling the property to a private investor with a short-term leaseback, we were exclusively engaged to run a leasing campaign on the property. Within a month of the tenant vacating, we secured a new tenant for the site,” Mr Micallef said.
“This incredibly quick turnaround highlights the strong competition for existing warehouses in western Sydney given the shortage of available stock at present.”
Custom Bus Asset Management Pty Ltd signed an eight-year lease on the 18-30 Vallance Street property within seven days of first inspecting the site.
The property, underpinned by a 20,700sqm site, consists of a 9,765sqm building featuring modern office accommodation and high clearance warehousing.
CBRE’s John Micallef, Moshe Greengarten and Shaun Timbrell negotiated the lease for an annual rental of $105 per square metre net.
“After selling the property to a private investor with a short-term leaseback, we were exclusively engaged to run a leasing campaign on the property. Within a month of the tenant vacating, we secured a new tenant for the site,” Mr Micallef said.
“This incredibly quick turnaround highlights the strong competition for existing warehouses in western Sydney given the shortage of available stock at present.”
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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 2017 revenue). The company has more than 80,000 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: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 2017 revenue). The company has more than 80,000 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.
