$1.1m over reserve: Investors jump to purchase industrial sites with unique opportunities
6 Lonsdale St & 64 – 66 Brenan St, Lilyfield NSW
Owner-occupiers competing for quality investment properties are being lured to industrial warehouse sites, with one asset selling for $1.1m over reserve.
Spanning three land titles with a 1,485 sqm area, the property at 109-113 Lakemba St in Belmore was bought by a private investor for $4.7m.
This Belmore industrial site sold for $1.1m over reserve.
During its time on the market, the property received 60 inquiries with three bidders looking to actively compete at the auction.
It was listed via Raine & Horne’s Mark Ammoun who said the site offered the opportunity to be transformed into an investment property, occupation, or land development subject to council approval.
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It was purchased by a private investor for $4.7m.
“This is an extremely versatile property, the successful bidder intends to occupy the property in the short-term and develop it longer-term.”
“The site is strategically located within the sought-after industrial precinct located within Belmore, allowing quick and easy access to major infrastructure including the M5 motorway, and minutes from retail and transport amenities.”
Other features of the site included a high internal clearance and container height shutters, with no other industrial sites nearby.
An aerial view of the industrial precinct.
“We are delighted by the extraordinary outcome, which highlights a significant disparity between the number of buyers and available opportunities in this market. This imbalance has resulted in an exceptional result.”
The sale of the Belmore site coincided with a Lilyfield site being listed for sale via Expressions of Interest, with a guide of $15m.
The total site is spread across 1,683 sqm and includes the addresses of 36 Lonsdale St, and 64-66 Brenan St.
A potential buyer had the opportunity to invest, occupy, or develop the land (STCA).
It consists of three adjoining lots with warehouses and two freestanding homes that boast residential zoning and dual street frontage.
They are set to be sold in online line via Raine & Horne’s Duarte Figueira and Christian Cirillo.
Mr Figueira said the residential zoning across the three properties and the increased floor space and height limits made it unique for commercial buyers.
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The commercial site at 36 Lonsdale St and 64-66 Brenan St is available via EOI with a guide of $15m.
“This sale represents a truly rare opportunity. I cannot recall such an expansive site so close to the CBD and attractively located near quality transport links, with potential that is limited only by the buyer’s imagination.”
The warehouse space at 36 Lonsdale St is divided between two units of 570 sqm and 595 sqm, separated by a roller door and office area – and is currently being used as a storage facility.
Proximity to the CBD and ample parking facilities have attracted investors to the Lilyfield site.
“The site’s proximity to the CBD and the ample parking facilities lends itself to a wide variety of uses such as a storage facility for fishmongers seeking space within a few minutes’ drive of Sydney Fish Markets, or a service industry with a CBD or Inner West client base,” Mr Cirillo said.
“The residential zoning will make this site particularly attractive to developers subject to user rights. Only rarely do sites of this scale and position become available for residential development in the highly sought-after Inner West. This is definitely an opportunity not to be missed.”
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