This article is from the Australian Property Journal archive
MEDICAL radiations supply company GMS Australia has sold its Wetherill Park facility for $45 million, marking the third time the western Sydney property has changed hands since 2017.
Located at 488-490 Victoria Street, the 8,795 sqm industrial building 20,860 sqm of land sold to a corporate occupier who plans to occupy the building on expiry of the existing lease.
More than half of the property was leased to Freight Assist for five years in 2019.
CBRE’s Elijah Shakir and Michael O’Neill brokered the new sale of the property, which translates to $5,117 per sqm of building area.
CBRE first sold the property in 2017 to Leda Holdings before selling it to Global Medical Solutions Australia for their own use in 2018 for $18,125,000. Leda had also owned the neighbouring 484 Victoria Street facility.
“The most recent transaction reinforces owner occupier demand in the medium range in core infill markets is still strong,” Shakir said.
“It is a quality prime freestanding premises with development potential which is what owner-occupiers at this level are searching for in western Sydney.”
