An industrial property on nearly a hectare in Sydney’s south west Chipping Norton has sold to a developer for $7.75 million.
The Gleeman Truck Parts occupied facility was one of the first within the precinct, JLL selling agents Ryan Jennings and Bella Cass said.
The vendor, Karamin Pty Ltd, offered 42-46 Alfred Road after arranging a leaseback of up to 12 months.
Based on that proposed rent ($400,800, net) – the sale price would reflect a 5.2 per cent yield.
The agents also promoted the ability for the 2378 square metre improvement, with a wash bay and surrounded by a large flat and secure yard suitable for container storage, to be rented out in parts.
Zoned IN2 Light Industrial, the 9194 sqm parcel with 65 metres of Alfred Road frontage will instead be replaced (story continues below).
Mr Jennings said Gleeman Truck Parts established at the site in the early 1970s.
“Over time, Chipping Norton has changed quite significantly with new developments and ongoing upgrade of infrastructure transforming the area into a highly sought-after industrial hub,” the agent added.
The suburb is about 27 kilometres from the CBD.
It is six kms north east of Liverpool and Moorebank Intermodal Terminal.