This article is from the Australian Property Journal archive
MANUFACTURING and steel fabrication specialist Chess Engineering has sold its south western Sydney home of more than 40 years to a “well-known” local developer for $18.93 million.
The sale of the 8,039 sqm Padstow site at 101-103 Fairford Road includes a leaseback to Chess Engineering until December 2023 before the growing business moves to a larger premises.
The sale represented a land rate of $2,355 per sqm.
Located on the corner of Bryant Street, the property has 6,884 sqm of improvements across three high-clearance warehouses and split-level office space. It is directly opposite a new Bunnings and near the M5 on- and off-ramps 22 kilometres from the Sydney CBD.
CBRE’s Keegan Ridings and Jon Orsborn from LJ Hooker Commercial Bankstown managed the sale campaign on behalf of Chess Engineering.
Ridings said a “well-known local developer” secured the site after a campaign that attracted more than 140 enquires and 11 offers from a range of users including investors, developers, self-storage groups and pub operators.
Orsborn said groups were drawn to the property’s proximity to the M5 and south Sydney, as well as its significant exposure.
The Sydney industrial market was the most active market in Australia in the March quarter.
