PFD sells Penrith warehouse to Rise Projects

The property (highlighted, right) was listed for sale with a neighbouring tract (left).

PFD Food Services has sold a vacant Penrith industrial facility to a developer which plans to build two warehouses on surplus land and subdivide the whole parcel into four lots.

Rise Projects is paying $6.3 million ex-GST for the 9394 square metre site at 51-69 Leland Street.

The property includes 5347 sqm of structures which will be renovated into two tenancies – one, measuring 1680 sqm, which the new owner has already rented to a manufacturing firm.

The new properties will range in size between 1500-1800 sqm.

CBRE’s John Micallef and Moshe Greengarten represented PFD and are sourcing tenants for Rise Projects.

The parcel is three kilometres from the Penrith train station and a little more than that to the M4 Motorway (story continues below).

Rise Projects intends to renovate the existing structure into two tenancies and construct two warehouses on surplus land.

The proposed Western Sydney Airport is about 25kms away.

Penrith is about 50kms west of Sydney.

“The property had a long history as a cold storage facility, but offers significant potential,” Mr Micallef said.

Rise Projects has developed other real estate in the area since 2016.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco