This article is from the Australian Property Journal archive
KNIGHT Frank has sold a freestanding factory and warehouse building in Kingsgrove, south of Sydney CBD, to a local owner-occupier for $1.425 million.
The property, located at 33 Garema Circuit in Kingsgrove, was sold under the hammer by director of commercial & industrial Guillaume Volz.
Volz said the property was contested by five registered bidders, which pushed the sale price above the reserve.
“The sale demonstrates the prevailing demand from the owner-occupier market for well located properties.
“With interest rates currently at cyclical lows, we are seeing evidence that owner-occupiers in particular are taking advantage of opportunities arising in the sub $5 million price bracket. Confidence in some sections of the market is rising and demand for quality properties in good locations will ensue,” Volz concluded.
Situated in close proximity to the King Georges Road and the M5 Motorway, the property comprises a 687 sqm of warehouse space and an office and amenities component of approximately 343 sqm. It is zoned light industrial and occupies a 1493 sqm site.
Australian Property Journal
