Sydney Industrial Sites Attract Keen Auction Bidding
Smaller vacant Sydney industrial sites are proving their worth at auction, with three properties recently sold through CBRE for a combined total of close to $10 million.
17 May 2022
The most recent deal involved the sale of 13 Vangeli Street, Arndell Park, which was purchased by Musdev Pty Ltd for $2,940,000.
CBRE’s Matthew Alessi and Brendan Wein negotiated the sale of the 1,513sqm at a competitive auction, with six registered bidders and 19 bids pushing the sale price $290,000 over the reserve.
The same agents have also sold similarly sized sites at 130 Glendenning Road, Glendenning on behalf of Blacktown City Council and 9 Bonz Place, Seven Hills for private vendor Rominoff Pty Ltd.
“All three sites attracted substantial interest from private developers and local owner occupiers, which is reflective of continued strong demand and historically low supply across Western Sydney,” Mr Alessi said.
The Arndell Park site is zoned IN1 General Industrial, offers 30.5 metres of frontage to Vangeli Street, includes a fully serviced hardstand and is securely fenced at the boundary.
The site, which has been leased monthly to a leading car and truck manufacturer for the past two years, is suitable for use as a storage yard subject to the relevant planning approvals.
At Glendenning, Akura Properties Pty Ltd snapped up the 2,518sqm Blacktown City Council site – one of the last vacant industrial parcels in the area – for $3,480,000.
The site is zoned IN2 Light Industrial, allowing for a wide range of uses. It offers 47 metres of frontage to Glendenning Road, is fully serviced and securely fenced
Mr Alessi said seven registered bidders had pushed the sale price $780,000 over the reserve price.
In a third example, 9 Bonz Place was sold pre-auction for a bullish price of $3,250,000.
The fully serviced site is zoned IN1 General Industrial and is currently suitable for use as a storage yard, subject to the relevant planning approval. It also offers a complying development certificate (CDC) for a 1,051sqm freestanding industrial building.
“With a clear goal of what price was needed for the owner to sell, we secured an offer well over the owner’s expectations, which prompted the pre-auction sale,” Mr Alessi said.
He noted that the CDC approval had been a key drawcard for the purchaser, with the site representing one of the last remaining vacant land parcels in the area.
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