Sydney

Eastern Creek work-in-progress snapped up for $5.485m

A half-built warehouse in Eastern Creek has sold for $5.485 million plus GST in a highly-competitive auction.

23 Oct 2020

A half-built warehouse in Eastern Creek has sold for $5.485 million plus GST in a highly-competitive auction. 

An owner occupier, a building company already based in western Sydney, will take over the project at 5 Peter Brock Drive, a 5,381sqm site with an under-construction 2,657sqm building.

Construction was paused by MPA when it opted to sell, to give prospective buyers the opportunity to amend a specialised DA. 

Exceeding the reserve by $485,000, the sale price also equates to a new benchmark land rate of $1,109/sqm for 5,000-10,000sqm assets in Sydney’s outer west. 

The fully-serviced site is between the M4 Motorway and Sydney Motorsport Park, and represented a rare opportunity to purchase prime industrial land in an established precinct. 

Signage opportunities and access to the M4 are complemented by its proximity to the M7 Motorway and Great Western Highway. 

CBRE’s Matthew Alessi and Robert Dowdy managed the sale campaign on behalf of MPA.

“Given the tightly-held nature of the location and opportunity to complete or adapt the half-constructed building, the property was highly sought-after,” Mr Alessi said. 

“That demand resulted in more than 130 enquiries, 13 registered bidders and 50 bids in a highly-competitive auction.

“A locally-based building company won out, and will take over the project for its new head office.” 

Mr Dowdy added: “The large crowd on auction day highlights that despite the COVID-19 pandemic, buyers are still ready and willing to purchase well-situated commercial property. 

“Due to a scarcity of land opportunities in Sydney’s Central West, there was significant interest from companies based in suburbs such as Silverwater and Rydalmere, enticed by the direct access offered by the M4. 

“There were also interested parties from Botany and Alexandria, looking to move out west due to recent residential rezoning in South Sydney.” 

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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 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.

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About CBRE Group, Inc.
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 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.