This article is from the Australian Property Journal archive
STRONG owner occupier interest in Sydney’s tight central-west suburbs industrial market has seen a Derby Street building in Silverwater change hands for $10 million.
LJ Hooker Commercial’s Marcel Elias and John Tanna sold the 3,401 sqm office and warehouse facility at 16 Derby St, which received more than 80 enquiries and 13 formal submissions. Staff parking and hardstand enabling heavy vehicle manoeuvrability cover the balance of the site.
The agents said the shortage of industrial assets in the central west corridor was a bigger influence than this Saturday’s state election in the decision-making of business owners.
LJ Hooker Commercial’s recently released Industrial Market Monitor showed prices for prime property rose 15% throughout 2018.
“Owner-occupants, in particular, just want to get into the market; they’ll deal with political change if it comes,” Elias said. “The more pressing goal is finding security for their operations in a very tight market.”
Strong enquiry was expected also because of the building’s proximity to Parramatta Road and the M4.
“But the campaign’s response rate emphasises the demand from owner-occupants who have been forced further west by the repurposing of industrial in Strathfield and Homebush,” he said.
Australian Property Journal
