Off-market industrial asset sale sets new benchmark for Smithfield

A private investor has acquired a free-standing industrial warehouse in Smithfield for $8.5 million in an off-market transaction.

CBRE’s Janet Joljian managed the transaction of 6-8 Tait Street, with the sale achieving a record price of $6,800/sqm for the building area of 1,250sqm.

Ms Joljian said the 3,846sqm site was under contract within 48 hours, which reflected the strong demand in the metro west market.

“This sale is a testament to the strength of the metro west market, with investors and businesses seeking high-quality properties in prime locations. We are thrilled to have achieved a record-breaking price for the vendor and look forward to continuing to serve the needs of our clients in this market,” Ms Joljian added.

Ms Joljian said the property was attractive for the purchaser due to its freestanding nature, high internal clearance of eight metres with access via four roller shutter doors and large marshalling area fit for truck maneuverability or storage.

The property is tenanted by a truck mechanical business on a short-term lease.