Warehouse Sale

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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.
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Western Sydney Wetherill Park warehouse sells for $12.4 million

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The Surry Hills warehouse space occupied since 1976 by Patrick Jones as his photographic studio has been listed for November 16 auction through Spencer &amp; Servi First National. 
Music legends such as David Bowie, Bob Marley and Frank Sinatra, along with many Hollywood stars including Jack Nicholson and Will Smith, have turned up to the Rainsford Street for close to four decades
The landmark warehouse had previously been used by Cinesound News and Spalding before that.
Listing agents David Servi and Annie Hodgson expect the versatile 400 sqm floor area has the potential to be converted into one of the area’s largest luxury homes or transformed to create a stylish commercial headquarters. More than $4.2 million is expected.
The four level property on the <a href="https://www.realestate.com.au/property-house-nsw-surry+hills-120888373" target="_blank">168 sqm holding features</a> high ceilings with plenty of natural light along with a rooftop deck.
This article was first published in the Sunday Telegraph.
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Patrick Jones lists Surry Hills warehouse studio

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An old industrial warehouse offered for sale as the best potential single residence in Redfern with $3 million hopes fetched $3.61 million at its weekend auction.
The <a href="https://www.bresicwhitney.com.au/buy/73-75-george-street-redfern-12195" target="_blank">George Street</a> building had last sold for $1.43 million in 2012. 
The 350 sqm property was auctioned by William Phillips of BresicWhitney with eight registered bidders. 
There's little more than exposed brickwork, its tallowwood and brushbox floorboards and its treetop outlook. The vendors bought the space from the Anglican Church and spent $500,000 on basic renovations, to configure it as a one-bedroom home with a kitchen, garage and two long empty rooms.
The property is one of Redfern's top authentic warehouses and could become the area's best residence.
A four-bedroom house at 27 Chelsea Street, Redfern sold for a suburb record of $3.45 million in August. 
Budding venture capitalist Dan Gammell and his art dealer fiancee, Eleanor Cheetham had bought the home of the late artist Brenda Humble in 2013 for a then record price of $2.58 million.
In that time they undertook a modest renovation, including installing a new kitchen.
Shannan Whitney, of BresicWhitney shared the listing with McGrath agent Ben Collier.
 
For your free Property Observer eBook from RAMS, 12 tips for first-time buyers, covering everything you need to know when it comes to purchasing property, <a href="component/content/article?id=48727" target="_blank" style="line-height: 1.3em;">click here</a>.
 
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Redfern warehouse $2.2 million dearer, but still an empty shell

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Weekend auction sales included a 410 sqm Richmond warehouse style development site at $2 million.
The former 1910 stables were offloaded by a syndicate that included Essendon captain Brendon Goddard, creative designer Jayden Zernich and Jennifer Brookes.
The <a href="https://www.realestate.com.au/property-house-vic-richmond-122240194" target="_blank">19-21 Farmer Street</a> premises (above) dated back to the days of John Wren's Richmond trotting racecourse which operated until the mid-1930s.
Goddard and his co-owners secured planning approval for two three bedroom townhouses after they bought the investment property in April 2014 for $1.36 million. 
But the Western Bulldogs chief operating officer Michael Quinn couldn't sell his Fitzroy terrace, with the three bedroom home passed in on a $2.2 million vendor bid.
Vader House at 258 Napier St was transformed by award-winning architect Andrew Maynard about five years ago having been bought in 2005 at $618,000.
It is now <a href="https://www.realestate.com.au/property-house-vic-fitzroy-122179150" target="_blank">listed for $2.5 million</a>. 
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Brendon Goddard sells Richmond townhouse site

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The industrial market in South West Sydney is emerging as a competitive playground for developers and owners/occupiers as shortage of stock pressures the market. 
Reflecting the area’s investment appeal, a private investor recently purchased a freestanding industrial property at Condell Park for $5.3 million from Marion Developments Pty Ltd through CBRE.
Located at 390-396 Marion Street, the 12,100 sqm site comprises a 4,000 sqm building area, featuring high clearance warehouses split across three separate buildings.
Selling agents Ryan Jennings and Tom Rourke of CBRE said there was high demand for freestanding property in Sydney’s west.
“Western Sydney continues to be one of Sydney’s most sought after real estate markets, with both residential and commercial developers looking to gain a footprint in the tightly held area,” said Jennings. 
“As industrial and logistics users trend away from the tightening South Sydney and inner west industrial market, industrial areas situated further along the M5 such as Condell Park and Bankstown have seen keen interest from investors and owner occupiers,” added Rourke.
The property is nearly 33 km from Sydney CBD and has access to the M5 motorway.
 
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Condell Park’s $5.3 million sale highlights industrial demand in western Sydney

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Industrial units in a new strata complex at Cockburn Central in Perth’s southern corridor have sold for $3.7 million.
Eight units in the recently completed 11 unit complex at 1 Merino Entrance, Cockburn Central, were sold to owner-occupiers by Ray White Commercial WA’s Russ Parham and Enrique Reyes on behalf of Consolidated Developments (WA) Pty Ltd.
Parham said all the units sold for their asking price.
The land area is about 6,164 sqm with onsite parking for 45 cars.
“This has been a good example of our office working well with a developer from the land purchase stage, to achieve a project with a high number of pre-sales prior to completion," he said.
Three units in the complex remain for sale.
“We have a 147 sqm unit for $348,000, another the same size for $349,000 and an approved 104 sqm lunch bar for $395,000,” he said.
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Eight warehouses in Perth's Cockburn Central sell for $3.7 million

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An industrial property in Melbourne's inner-eastern suburb of Richmond has sold for $1.615 million at auction, more than $100,000 over the reserve price.
The <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-richmond-501922542" target="_blank">5 Albert Street</a> property comprises a single-level brick warehouse on a 247 square metre site, zoned Commercial 2.
The property was sold subject to a lease expiring June 2017 at a current rental of $37,435 per annum net, implying a yield of 2.2 percent.
A Melbourne-based private investor bought the property, said a media release. 
It was marketed by Teska Carson’s Matthew Feld and Larry Takis.
 
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Warehouse in Melbourne's Richmond sells on 2.2% yield 

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A Fitzroy warehouse conversion within the former MacRobertson chocolate factory drew serious weekend competition from seven keen bidders.
Buyers agent Frank Valentic was one of the bidders for the three-bedroom home at <a href="https://www.realestate.com.au/property-house-vic-fitzroy-122904058" target="_blank">219 Argyle Street</a> that sold for $1.527 million.
The sale was through Nelson Alexander Fitzroy, who drew a range of buyers including young couples and downsizers.
 
 
 
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Fitzroy warehouse conversion takes the chocolate 

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A unique corner warehouse set in one of Melbourne's well-known cultural precincts has sold for $2.3 million.
It had come with $1.8 million plus hopes through CBRE agents Benson Zhou, Paul Tzamalis and Josh Rutman
Located directly opposite Bennett's Lane Jazz Club, <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-502045898" target="_blank">22-24 Bennetts Lane</a> is etched with art, in particular a large cat woman on the front of the building
It comes with a permit approved for a mixed use permit which a local developer will make into an eight-level structure atop one commercial space.
Last traded for $1.5 million in 2012, the warehouse is surrounded by a number of existing and upcoming developments such as hotels, apartments and offices.
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Laneway warehouse adorned with cat woman graphic sold in Melbourne

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A warehouse in inner-west Sydney's Camperdown recently sold at auction for an undisclosed sum through Belle Property Commercial.
Offered for the first time in more than 60 years, the corner property at <a href="https://www.realcommercial.com.au/property-retail-nsw-camperdown-502141310" target="_blank">111 Denison Street, Camperdown</a> is close to the University of Sydney and Royal Prince Alfred Hospital.
The property changed hands after only 35 days on the market, according to CoreLogic.
The 180 square metre property's features include R2 Zoning, existing commercial usage rights and potential for further development.
The surrounding demographics comprise a mix of residential developments, cafes, restaurants and boutiques all within five kilometres of Sydney's CBD, said the property's description.
The selling agents were Rocco Tripodi and Serge Toscano.
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