Abacus Property Group has acquired a major freestanding office warehouse in Chullora from AMP Capital for $35million, highlighting the strength of the current industrial leasing market in Western Sydney.
CBRE’s Shaun Timbrell, Greg Pike, Peter Vines and Chris O’Brien negotiated the competitive Expressions of Interest campaign for the site, located at 2-34 Davidson Street.
The land totals a sizeable 47,290 sqm and includes a headquarter style warehouse with a total building area of 18,114 sqm.
Mr Timbrell said the versatility of the property and its location to major arterials were primary drivers for Abacus Property Group.
“The warehouse has excellent exposure to both the Hume Highway and Centenary Drive, and access to Sydney CBD via the nearby M4 and M5 for metro distribution. The Enfield Intermodal Logistics Centre is also in close proximity to the site, which will be a key drawcard for prospective tenants,” Mr Timbrell said.
The building on site was sold with vacant possession and is expected to attract extensive interest. Businesses occupying similar properties in the area include Volkswagen, Australia Post, Primo, Tip Top and Fantastic Furniture.
Mr Timbrell explained; “Sydney’s broader west industrial market is characterised by minimal stock and increased demand from occupiers who are looking to relocate from Sydney’s north and south,
“Rental growth for logistics and industrial assets in Sydney has reached a 10-year high. Abacus Property Group identified the opportunity for this to be a secure investment and capture that growth.”
CBRE Senior Director, Industrial & Logistics – Capital Markets, NSW, James Santi added “the Central West and Chullora in particular will remain a sought-after investment destination in 2017 as investors look to capitalise on the strong occupier market.”
The property includes office space situated across two continuous floors. The ground-floor office offers functional meeting rooms, lunch rooms, staff amenities and tech areas whilst the upper floor provides a corporate office fit out and a goods lift with 1,000kg capacity.
Access to the warehouse is provided by nine raised loading docks covered by a large awning and two ramps. The warehouse offers a minimum internal clearance of approximately 10-11 metres and a large yard area ideal for truck loading and unloading.
Due to the multiple building areas, the property offers the opportunity to divide the current building into secure multiple tenants and the possibility for expansion (SCTA).
Abacus Property Group has appointed Shaun Timbrell and Michael O’Neill CBRE to steer the lease campaign for the property.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.