Growth corridor car yard, land fetches $20.4m
A major car yard and undeveloped tract at Vineyard, near the McGraths Hill border, has sold for $20.4 million.
The 2.35 hectare E3 Productivity Support zoned property, 230 Windsor Road (pictured, top), found favour with JGM Retail.
Boyett Properties was the seller, outlaying $1.94m for the land in 2009, then developing a car dealership, display yard and storage facility – all up, with 2608 square metres including 340 sqm of offices. The warehouse clearance peaks at 7.4 metres.
Based on the asset’s gross annual return when it hit the market late last year (a holding income, as it was marketed with vacant possession), the deal would reflect a 1.5 per cent yield.
The zoning allows for the improvements to be used for a variety of commercial uses, according to marketing agents, CBRE’s John Micallef and Colliers’ Paul McGlynn.
The property’s profile is also high, between a McDonald’s and Aldi supermarket, both with are owner-occupied.
Vineyard, is about 50 kilometres west of Sydney’s CBD, part of a growth corridor.
The deal comes 11 months since we reported HMC Capital sold a 3.78ha large format retail asset near 230 Windsor Rd, in the suburb, for $55m.
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