In light of the recent challenges facing Sydney with the growing Covid-19 cases, LJ Hooker Commercial (Bankstown) are proud to announce some exciting news following the Off-Market sale of a substantial DA Approved Office/Warehouse Development site.
Located at 92 Gow Street, Padstow, the site was purchased by a local developer who intends to use the existing DA to build Industrial units.
The Western Sydney site is situated in the large Industrial pocket of Padstow, which is seen as the next step off the M5 Motorway from South Sydney.
The property sits on a 26,990sqm* parcel of land and includes a floor area of 7,854sqm* over four buildings, and also features significant yard area.
Having been asked about similar types of assets on the market, LJ Hooker Director Jon Orsborn said “They [Industrial assets] are all attracting huge interest due the lack of supply and increased capital values in the strata market. He further added that "buyers are hungry for all sizes and types in Industrial at the moment", highlighting the demand for the sought-after asset.
As the Padstow property was sold Off-Market, Orsborn also mentions that the other Off-Market opportunities he has are a mixture of future development sites and owner occupier opportunities within the $5 - $40 million bracket.
92 Gow Street was sold for $30 million, achieving a yield of 2.5%.
Congratulations to LJ Hooker Commercial (Bankstown) on a tremendous sale!