Castle Hill deal struck on tight yield
A dual fronted industrial investment at Castle Hill (pictured, top), north west of Sydney, has sold off market for $31.5 million.
On a 1.31 hectare Light Industrial 2 zoned site at 11 Hudson Avenue, the asset contains a 5049 square metre warehouse, part leased to Total Tools.
The deal reflects a very low 3.01 per cent yield – indicative of the significant longer term development upside, also a feature when the property last sold following a public campaign in mid-2014.
As far as its development attributes – an industrial project covering more of the land could be considered.
So too could a bulky goods precinct – the property abuts the Home Hub Castle Hill, where Harvey Norman, Freedom Furniture, Nick Scali, Officeworks and JB Hi Fi are tenants (story continues below).
Bunnings has also neighboured it since 2014.
Savills’ Andrew Palmer was the agent.
The area is about 1.5 kilometres from Norwest train station and 1.8km from the Showgrounds station.
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