A Homebush West industrial property opposite Sydney Markets is selling to an occupier for c$12 million.
On 4372 square metres, the vacant asset, 187 Parramatta Road, has development upside.
About a third of its internal area (4693 sqm) is on a mezzanine.
It traded two weeks after the close an expressions of interest campaign; Knight Frank’s Matthew Pizzonia and Mark Silva said builders and investors are amongst the “multiple” underbidders.
“The size was right within the sweet spot for a lot of groups who have been trying to find something like this for some time,” Mr Pizzonia added.
“In this particular precinct…the industrial market is shrinking, with these properties changing their use to make way for higher and better given the increasing cost of land, so opportunities to purchase industrial properties of this nature are rare and sought after” (story continues below).
Multi-level project possible
The 187 Parramatta Rd zoning would allow for a multi-storey redevelopment.
“It is surrounded by an abundance of retail amenity including the Sydney Markets and DFO Homebush,” Mr Pizzonia said of the pocket.
“The property also sits within close proximity to several major shopping malls such as Burwood Westfield, Rhodes Shopping Centre and Lidcombe Shopping Centre”.