An investor has swooped on a newly-renovated and tenanted Penrith industrial sold for $4.7 million at auction. CBRE Brendan Wein, Matthew Alessi and John Micallef managed the sale campaign on behalf of Rise Projects, in conjunction with Jay Morosi and Robert Tappouras of PRD Commercial.

The sale price for the 1,776sqm facility at 51 Leland Street was $150,000 above reserve, and reflects a yield of 4.83% and building rate of $2,690/sqm.

The two-level facility is leased to Valley Collision Centre on a new, three-year term for a net annual rent of $227,110+GST, with an additional five-year option.

Recent renovation work encompasses the façade, office space, roller doors, fencing and landscaping.

The fully secure site features a high-clearance warehouse with access via two roller doors, a concrete forecourt and ample parking.

CBRE’s Brendan Wein, Matthew Alessi and John Micallef managed the sale campaign on behalf of Rise Projects, in conjunction with Jay Morosi and Robert Tappouras of PRD Commercial.

“The resilience of the industrial market, coupled with record low interest rates, is driving significant investor activity,” Mr Wein said.

“Given the tightly-held nature of the location and the lease being above market rent, the property was highly sought-after in a competitive auction.

“The eventual buyer sold a facility recently, and wanted to reinvest those funds into another property.”

To request a sales analysis please email either of the selling agents via the below contact forms.