Dexus picks up South Granville infill site for $61.5 million

Dexus have purchased a South Granville infill site for $61.5 million.

Marketing agents Darren Curry and Ray Trimboli of Savills Australia have said it represents the largest 100% freehold land sale in Western Sydney of the year so far.

The 10-hectare site at 54-68 Ferndell Street was sold by a private vendor, Grand Sasanqua Pty Ltd, following an expressions of interest campaign with seven offers received.

Curry said Dexus have the intention of converting the area to incorporate up to 56,000 square metres of gross floor area.

“The site will give e-commerce companies a competitive edge for 'last mile' and 'just in time' delivery capability due to its prime location,” he said.

Trimboli said the property’s location as a major seling point and the site was one of the few remaining large-scale land-bank opportunities remaining in the area.

“The site is well positioned to get freight and product to the Sydney metro region, with less congestion compared to the many outlying industrial areas,” he said.

“Precincts such as Regents Park and Chullora hold a similar appeal for many occupiers.”

Curry said the strength of the Western Sydney industrial development market had been “well and truly tested”.

“These transactions have included Boral’s Greystanes sale to ISPT for $60million, a Goodman sale to Direct Freight Express for $30million at Oakdale, and now the $61.5million South Granville sale to Dexus,” he said.

“We expect the industrial land sales market to continue to perform highly in Sydney, as supply and demand forces are creating healthy competition among purchasers.

“Both owner-occupiers and developers are wishing to acquire zoned, serviced and well-positioned land within close proximity of major existing and under-construction infrastructure projects.”