More than $71 million in industrial and self-storage units have been sold off the plan at Arc Lane Cove, leaving limited opportunities ahead of the project’s completion.

All the industrial units have sold, with just a handful of storage units still available in Lane Cove’s newest multi-storey, architecturally designed industrial estate.

Slated for completion in late August 2023, Arc Lane Cove has attracted significant interest from both owner occupiers and investors since it was launched by privately owned Sydney property development company Hannas.

Designed by SBA Architects, the three-level complex comprises 52 premium self-storage units and 46 industrial units, with a total gross floor area of close to 11,000sqm.

The 16 Orion Road project has met a ready market, with office/warehouse units achieving rates of $8,190/sqm – setting a new suburb benchmark. The available storage units have achieved $9,150/sqm.

Hannas CEO Danny Hanna noted, “From project launch we saw a surge in demand from both investors and owner occupiers with a mutual need for accessibility, natural light, air flow and proximity to the CBD within a development they can be proud of. The purchaser interest in Arc Lane Cove has highlighted the buyer demand for a premium work experience not traditionally found in industrial estates and one that seamlessly integrates warehousing, modern offices and storage.”

CBRE’s Peter Mangraviti and Caris Kinsella along with Sutton Anderson’s Brad Sutton and Matthew O’Neil have been steering the sales campaign, with the Lane Cove West Business Park project occupying one of the area’s last vacant development sites.

Ms Kinsella noted that record low vacancy rates in the Sydney industrial market had contributed to the project’s sector, with the city’s northern corridor having a current vacancy of sub 1%.

Owner occupiers have accounted for approximately 70% of the purchasing activity, with buyers acquiring the units to run small trade and construction businesses, store cars for personal car collections, provide personal storage solutions or as an investment.

“Much of the interest has been from business owners looking to locate their head offices close to where they live,” Ms Kinsella said.

“We’re also fielding considerable interest from locals who have downsized on the residential front and don’t have the space they need to store boats, caravans and cars. Investors have also seen the opportunity to acquire premium industrial units in a market that is landlocked, close to the CBD and forecast to benefit from significant future rental growth.

“The project signifies a new era for industrial strata development, and we have noticed an appreciation from buyers for the development’s focus on creative design, functionality and amenity.”

The development is situated within minutes of Epping Road and the M2 and 15 minutes-drive from the Sydney CBD.

It offers premium finishes, expansive windows and natural light, 24/7 security cameras, generous driveway width and awning allocations, and direct vehicle access from each level to the street for ease of logistics.

Mr Sutton said buyers had been attracted to the project’s modern feel, which was accentuated by a curved façade, burnished concrete floors and flexible industrial/workspaces that prioritised workplace amenity, allowing easy access to the individual units and ensuring a logical circulation flow.

“The lower north shore location has been another key drawcard, with $3 billion invested into NorthConnex and an estimated $14 billion earmarked for the Western Harbour Tunnel, which will enhance the area’s accessibility,” Mr Sutton said.

“The area’s performance track record has been another draw, with industrial rents in the Lane Cove area being 35% above the Sydney’s average, while annual capital growth has averaged 11% since 2011.”