Medical group turns 148pc profit from west Sydney sale
Global Medical Solutions has turned around a 148 per cent profit selling a major west Sydney industrial property after seven years.
The 2.09 hectare site with an 8795 square metre office/warehouse at 488-490 Victoria Street, Wetherill Park, collected $45 million, following an off-market campaign.
The vendor paid $18.125m in 2018, to occupy.
That seller, Bob Ell’s Leda Holdings, outlaid $15.5m the year earlier, part of a $71m portfolio of six Sydney industrial investments.
The incoming owner plans to move in.
“The most recent transaction reinforces owner occupier demand in the medium range in core infill markets is still strong,” CBRE’s Elijah Shakir, who brokered the latest sale with Michael O’Neill, said (story continues below).
“It is a quality freestanding premises with development potential which is what owner-occupiers at this level are searching for in western Sydney,” he added.
Earlier this month we reported Centuria was amalgamating Wetherill Park sites with plans to redevelop longer term.
Last November, meanwhile, an industrial asset in the suburb traded between locals for $25m – a significant rise on the previous sale price of $7m in 2014.
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