Industrial developer drops $19m for Sydney site
The owner of plastic bag manufacturer Fresh & Green has sold its south west Sydney base of 24 years to a developer.
The 8267 square metre General Industrial zoned property, 137 Bonds Road, Riverwood, collected $18.75 million.
A strata subdivision is expected though a proposed development might also be pre-committed by one occupier.
The settlement is long, giving the incoming owner time to consider options, according to Colliers marketing agent Angus Urquhart, who brokered the deal with Hamish Miles, and Commercial Property Group, said.
“The off-market nature of the transaction enabled a discreet yet highly competitive campaign,” he added.
“Its scale, strategic location, and secure tenancy, position it as a standout opportunity in one of Sydney’s most tightly held industrial precincts,” according to the executive.
“The campaign attracted strong interest from a wide pool of motivated buyers, including owner-occupiers, investors, and developers, highlighting the competitive and fast-moving nature of Sydney’s industrial market”.
The property, with a 4452 sqm improvement, previously sold in 2001 for $2.42m.
Riverwood is about 20 kilometres from town.
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