Leda Holdings has paid $57 million for the North Rocks Business Park.
On 4.68 hectares at 19-21 Loyalty Road, the asset (pictured, top) contains three buildings with a total 19,187 square metres of area.
Leased to five tenants – including Spotless arm Ensign, toy maker Crown & Andrews and tapware distributor Myhomewater – it has a short 2.94 year Weighted Average Lease Expiry.
The purchase price reflects a 4.2 per cent yield.
“North Rocks is regarded as one of the most tightly held industrial precincts in western Sydney, offering excellent access to the M2 Motorway and the Parramatta CBD,” Mr Bishop said.
“With the rapid growth in e-commerce, infill industrial markets such as North Rocks are becoming extremely popular with last mile logistics occupiers and investors given the access to major road infrastructure, existing precinct amenity and the access to surrounding blue collar workforce,” according to the agent (story continues below).
Mr McGlynn added rents within the asset have the potential to be increased in the short term and that the asset, in part because of its central location, has historically been well received by tenants.
A range of medium longer development outcomes could be considered, he added.
As well as industrial product, Leda, directed by Bob Ell, holds substantial office, retail and residential real estate.
Last August the group sold an Ingleburn industrial park to EG for $38.2m – a substantial capital gain on the $24.75m it paid in 2017.
In 2010, Leda paid ANZ Specialist Asset Management $14m for an office/warehouse at Castle Hill, selling it four years later for $20.24m.
Also 11 years ago Leda and Centro banked c$70m offloading a Hervey Bay shopping centre to Stockland.