Marque Property has sold a small, near-new industrial park, near Botany Bay.
The uber contemporary estate, The Avenue, at 38 Raymond Avenue, is trading for $8.3 million, reflecting a 4.5 per cent net passing yield.
With six strata-titled suites, it offered the opportunity to immediately be sold down.
It found favour with a local private investor following a campaign by Knight Frank’s Mark Silva, Demi Carigliano and Anthony Pirrottina.
“Buyers were attracted to the uniqueness of the development, as well as the fact that it was a future-proofed asset with technological advancements and strong covenants,” the brokers said.
The Avenue occupies a 1453 square metre site with a 24 metre street frontage.
The double storey units contain a total 1158 sqm; occupiers include those in the activewear, artificial turf, healthcare and transport sectors.
“It is fully leased with favourable annual rent reviews in place, to tenants that were not impacted by COVID, and it will continue to be sought after by high-quality tenants,” Mr Silva said (story continues below).
“State of the art technological innovation in the…development was a first for an industrial property, and had been a big attraction for tenants,” he added.
These include electric car charging docks, LED lighting and CCTV.
Units also have a high-end fit out, with polished concrete floors, Corian reception desks and fully appointed kitchens, and a seven metre warehouse clearance.
“Each tenant also has access to The Avenue app, which provides remote gate access, remote warehouse door access, security alarm functionality and light functionality,” according to the agent.
“It represents the evolving face of South Sydney’s industrial scene which provides a home for technology-focused and future-thinking Sydney-based business”.
Mr Carigliano said “being at the doorstep of a major port, Sydney Airport and orbital road network make this one of the most sought after industrial and commercial markets in Australia”.
Marque director Marek Ristwej added The Avenue “is what clients are looking for now, even more so than in the post-COVID environment – they want what we call a ‘wellbeing industrial precinct’ and we were well ahead of that curve on creating that three years ago”.
Matraville is about nine kilometres south east of Sydney.