Sydney

Sydney church group moves into western industrial market

The Living Word Worship Centre has purchased a Smithfield industrial property under the hammer for $4.475 million (plus GST).

02 May 2019

The Living Word Worship Centre has purchased a Smithfield industrial property under the hammer for $4.475 million (plus GST). 

Located at 2 Hume Road, the 5,039sqm property includes two warehouse buildings spanning 1,517sqm. The site is underdeveloped, providing scope to extend the buildings or redevelop (STCA). 

CBRE’s John Micallef, John Tsoutsa, Janet Joljian and Elijah Shakir managed the sale process via an onsite auction on behalf of the vendor, Wethpark Property Holdings Pty Ltd. 

Mr Micallef said the property’s location underpinned competitive buyer interest. 

“The auction for 2 Hume Road attracted significant interest from industrial users and developers, as well as residential developers looking to move into the industrial market due to the current residential downturn,” Mr Micallef said. 

“Having sold its former site to a developer, the purchaser was looking for a freestanding facility within the metropolitan western precinct to accommodate its community.”For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.