A half-constructed warehouse building in Outer Western Sydney has been snapped up, after a hotly contested auction saw the hammer come down at $5,485,000 – $485,000 over the reserve!
The sale sets a new land rate benchmark for the area after 13 registered bidders battled it out for the 5,381 sqm Eastern Creek site.
CBRE’s Matthew Alessi and Robert Dowdy managed the sale campaign of the industrial asset, located at 5 Peter Brock Drive, on behalf of MPA, who paused construction of the warehouse once they decided to sell.
“Given the tightly-held nature of the location and opportunity to complete or adapt the half- constructed building, the property was highly sought-after,” explained Mr Alessi.
After receiving over 130 enquiries, the prime industrial property was purchased by an owner-occupier already based in Western Sydney.
“A locally-based building company won out, and will take over the project for its new head office,” said Mr Alessi.
Mr Dowdy explained that an exciting auction saw 50 bids placed, with many buyers attracted by the site’s proximity to some of Sydney’s main motorways.
“The large crowd on auction day highlights that despite the COVID-19 pandemic, buyers are still ready and willing to purchase well-situated commercial property,” he said.
Due to a scarcity of land opportunities in Sydney’s central west, there was significant interest from companies based in suburbs such as Silverwater and Rydalmere, enticed by the direct access offered by the M4.Robert Dowdy – CBRE
“There were also interested parties from Botany and Alexandria, looking to move out west due to recent residential rezoning in South Sydney,” said Mr Dowdy.