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).
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.