A Revesby warehouse sold attracted a wave of investor interest to exchange at $12.5m in a campaign managed by LJ Hooker Commercial Bankstown’s Ryan Jennings.

The four-week campaign of 47 Fitzpatrick Street garnered seven formal offers for the 4,047sqm property, which includes 3,351sqm of building. The deal represented a building rate of $3,730/sqm and net yield of 5.8%.

The facility was purchased by a private investment group and is tenanted by manufacturer Control Systems Technology on a seven-year lease.

Dual driveways lead to a secure hardstand area on the site while 38 on-site car spaces offer convenience for workers and visitors.

Mr Jennings said seven formal offers were made during the four-week Expression of Interest campaign with scores more enquiries.

“As an investment, it offered a seven-year lease with a nationally-established tenant and well-maintained building improvements,” said Mr Jennings.

“The site enjoys the efficiencies offered by being between the M5 and Milperra Road.

“Over the last 12 months, we’ve seen industrial rents increase by double digits and investors have responded to the growth.

“There continues to be an undersupply of new listings in the market which is driving strong levels of enquiry and offers at campaign time.”

The site generates $720,000 per annum plus GST representing $215psm.