Industrial developer pays $61 million for Wetherill Park property

An industrial property on 8.6 hectares of land in Sydney’s Wetherill Park has sold off-market for $61 million.

The property, 250 Victoria Street, was offered by a western Sydney-based private investor and is selling to an industrial developer.

Broker JLL confirmed the deal last week.

The part-developed site is about 12 kilometres from the Sydney satellite city of Parramatta.

The price values every square metre of land at $710.

JLL head of industrial Michael Wall told The Australian in this item that the Sydney’s outer central west precinct has consistently experienced a relative strong level of take-up activity.

“Accessibility to road infrastructure is a priority for users attempting to achieve efficiency and agility in their supply chain network,” Mr Wall said.

About 34 kilometres from the CBD, Wetherill Park is near the M4 and M7 motorways providing connection to metropolitan Sydney.

The agency’s Australian research director Sass J-Belah added that demand for industrial stock is rising, with evidence of transactions being made via joint ventures and capital partnering.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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