A large vacant industrial facility in Sydney’s south west has sold for $5.65 million. 

Located at 68 Bridge Street, Picton, the 5,019sqm property includes 2,421sqm of building area with generous concrete handstand and ample parking, four 10 tonne overhead gantry cranes, temperature controlled booths and solar power. 

The property was marketed by RWC (SC) agents Nick Ward and Samuel Hadgelias on behalf of an owner occupier whose business had outgrown the facility after making significant upgrades. 

The property was snapped up by a local owner occupier who had outgrown their previous space and was looking to upgrade. 

“The property was marketed as ‘vacant possession’ which generated significant interest from owner occupiers in the south west who had outgrown their current premises or had looming lease expiries and had been priced out of industrial precincts closer to Sydney,” Mr Ward said. 

The expressions of interest campaign generated more than 70 enquiries throughout the campaign resulting in eight competitive offers at campaign close.

“There has been a very limited number of vacant industrial properties in this size range offered to market this year, particularly in Sydney’s south west,” Mr Ward said. 

“This - coupled with the building upgrades such as 10 tonne cranes, solar power, temperature controlled booths and spray booths - increased the functionality of the building and made it very appealing to manufacturing groups.”

The sale marked the second industrial property RWC (SC) has sold in the precinct so far this year, after selling 5 Bollard Place in January.

“Picton's industrial precinct is seeing increased interest due to Sydney's limited and expensive land supply which has pushed many to explore areas outside the metropolitan scope,” Mr Ward said. 

“Additionally, rarely do opportunities arise in this tightly held precinct, and the property's prime location, minutes from the Hume Motorway, ensures direct access to Goulburn/Canberra to the south and Sydney to the north.

“Owner occupiers are increasingly outbidding passive investors for vacant industrial properties because they are not reliant on rental income to cover loan costs. Their purchasing decisions are driven by business fundamentals rather than traditional property investment metrics.

“Meanwhile, rising interest rates are making it harder for investors to sustain rental returns that match loan servicing costs, widening the gap between what owner occupiers and investors are willing to pay for these assets.”

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