Factory Fast has paid $7.95 million for a modernised office warehouse in Sydney’s west Smithfield.
The online DIY and renovation product store will relocate from the city’s south.
Its new facility, 15 Sturt Street, about 250 metres from the Cumberland Highway, includes a 3306 square metre building with a dedicated office.
The warehouse component has a high 9.4 metre clearance.
The complex occupies a 4650 sqm site.
“The property was well received by owner-occupiers and investors alike, pushing the [sale] rate past $2400 per sqm,” Mr Shakir said.
“The transaction highlights the increasing demand for infill western Sydney locations, with the scarcity of land in metropolitan industrial areas driving capital values higher in order to secure sites in the $7 million to $10 million price range.
“The eventual buyer was yet another south Sydney owner occupier looking to relocate due to a higher and better use of their existing facility.”
Smithfield is about 30 kilometres from the CBD.
The Factory Fast deal comes in the same month Charter Hall secured office furniture supplied Krost as tenant for an 8170 sqm industrial space at the suburb’s Woodpark Logistics Estate.
Krost Furniture Group will also relocate from Sydney’s south – a much more expensive facility to rent at 33 Ricketty Street, Mascot, seven kilometres from town.