A local paid $22.51 million for a half-vacant Milperra industrial investment – then leased the balance before settlement.
The sale price for 339 and 349 Horsley Road reflects a 5.4 per cent yield.
The land rate was $688 per square metre; the 3.4 hectare property with three crossovers has development upside.
LJ Hooker Commercial’s Jon Orsborn brokered the sale and worked with CBRE’s Michael O’Neill and Keegan Ridings to find a tenant for the unfilled portion – a 2.3ha site with a 5987 sqm office warehouse, which was committed to for five years just before settlement (story continues below).
The 349 Horsley Rd component also includes a weigh bridge and diesel fuel tanks.
Milperra is about 24 kilometres west of Sydney.