Toplace, directed by local developer Jean Nassif, has sold a Clyde industrial holding to the Goodman Australia Industrial Partnership for $140 million.
The deal for the neighbouring sites at 15, 17 and 19 Berry Street reflects a major windfall for the vendor which paid GPT $65m – a $24m premium to book value – in 2015.
On 7.6 hectares, the property contains warehouses with a total 29,600 square metres of area; Australia Post is an occupier.
About 6000 sqm is vacant.
A 1.8ha tract is immediately developable.
“Acquisition of the Berry Street site forms part of Goodman’s long term strategy of owning, developing and managing high quality sustainable properties that are close to consumers,” Goodman Group chief executive officer Jason Little said.
“We have had significant leasing enquiry,” he added.
In 2016, Toplace unsuccessfully applied to rezone the holding so as to allow for c2200 dwellings in 11 buildings (story continues below).
Clyde is about 21 kilometres west of Sydney.
In the neighbouring suburb of Auburn, in June, Charter Hall paid Reading Property Group c$90m for a retail investment and land – with plans to replace the lot with a logistics park.
In January, Costco spent $30.5m for a showroom abutting its Auburn outlet, allowing it to extend.
Last week, Goodman outlaid $82.5m for a 3.995ha industrial development site at Banksmeadow, south of the CBD.
That vendor was Orica.
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