North Shore industrial asset trades for $15m
A vacant Artarmon industrial property has sold a week after hitting the market.
The incoming owner, which is paying $15 million, intends to re-lease 47-51 Dickson Avenue following a repositioning.
Knight Frank’s Mark Silva Angus Klem and Anthony Bosnar with CBRE’s Geoff Hunt and Peter Mangraviti represented the vendor, which spent $13m in March, 2017.
On 2207 square metres, the Industrial 1 zoned property is six kilometres north west of Sydney.
It contains 3657 sqm – inclusive of offices – with full drive around access.
There is a second crossover, off Whiting Street.
An internal ramp connects the two floors (story continues below).
There are also two weigh bridges.
“[The property] sold quickly due to a lack of options in the tightly-held Artarmon market,” Mr Silva said.
“With high underlying land value the purchaser was attracted to the large…holding and ability to refurbish and reposition or redevelop to meet the current North Shore leasing demand,” Mr Mangraviti added.
The warehouse is diagonally adjacent to a four-storey childcare centre Harrington Property acquired for $14.8m in July, 2019 – at the time the country’s priciest outlay for an investment of this type.
More to come.
