13 industrial lots in Nepean Business Park change hands for $64 million

Developers and owner-occupiers have snapped up 13 industrial lots at Nepean Business Park in Penrith, highlighting growing competition for serviced industrial land across Western Sydney.

The transactions, with a total combined sale price of $64 million, were negotiated by CBRE’s Matthew Alessi and John Micallef in conjunction with Macquarie Commercial’s Luke Belotti and Matthew Neale, on behalf of Australian-owned private family investment office Precinct Capital.

The sales comprised sites ranging from 2,070sqm to 9,885sqm, with a total combined area of 53,368sqm.

Individual transactions ranged from approximately $2.7 million to more than $11 million, highlighting the depth of capital targeting both smaller and larger lot formats within the estate.

Mr Alessi noted the transactions highlight the growing competition for small-lot industrial land, with supply struggling to keep pace with demand from both developers and occupiers seeking well-located, serviced land they can move on immediately.

“We are now seeing growing urgency throughout the campaign. Groups that might have sat on the sidelines 12 to 18 months ago are now far more prepared to move quickly when well-located, serviced land becomes available,” Mr Alessi said.

“The mix was telling as well. Developers, owner-occupiers and investors were all competing for the same sites, which shows how limited these opportunities have become, particularly in growth areas like Penrith,” Mr Alessi added.

Nepean Business Park, located at 42 Lugard Street, Penrith NSW 2750, sits within one of Western Sydney’s key growth corridors and has been designed to accommodate a broad range of industrial users.

“There’s simply not much serviced industrial land left across Sydney. Our data shows only around 4% of zoned land is undeveloped and ready to go. That’s why sites like this are attracting strong competition. Buyers are willing to pay a premium for something they can act on immediately, rather than taking on the time, cost and risk of bringing land to market themselves,” Mr Micallef added.

Following the strong take-up, Stage 4 has now been released, offering CDC-approved plans and a more immediate pathway to development.
The release comprises a further tranche of 13 lots ranging from approximately 2,000sqm to over 12,700sqm, with pricing generally starting from the low-$2 million range and extending beyond $12 million.

CBRE and Macquarie Commercial are overseeing the latest release following the series of transactions that underscore the depth of demand and continued competition for development-ready industrial land across Western Sydney.