Western Sydney Wetherill Park warehouse sells for $12.4 million
A Western Sydney warehouse site that can handle bulky goods has sold for $12.4 million to a private trust.
On the doorstep of the M7 Motorway, the Horsley Drive, Wetherill Park property – spread over 9,036 square metres - attracted a number of enquiries during the private treaty process, said LJ Hooker Commercial Silverwater director Marcel Elias, who brokered the sale.
Vendor Anglo Irish Investments Pty Ltd listed the tenanted site with an annual net rent of $852,000 per annum. The deal reflects a passing yield of 7.75%.
The result was indicative of a strong quarterly result for the industrial sector, Elias said. Research by LJ Hooker Commercial indicates the sector’s investment market performing strongly, helped by the rise of the services economy and its influence on the use of industrial premises for distribution and storage.
According to LJ Hooker Commercial, $2.2 billion worth of industrial property changed hands during the third quarter ended September. While the quarter was boosted by the reported $1.07 billion GIC/Ascendas portfolio exchange, other private and institutional transactions still accounted for $1.17 billion, the best Q3 result in three years.
“There’s a significant amount of due diligence being undertaken in Western Sydney at the moment and the market is very well positioned for an exceptional Q4 result,’’ said Mr Elias.
