A Sumner industrial property has sold and been 100 per cent leased prior to settlement following a hotly contested campaign. 

The property at 22 Spine Street sold for $2.75 million, with RWC Southwest agent Harry Egan marketing the property on behalf of the seller who was relocating overseas.

The 1,235sqm of building area comprises an ideal blend of warehouse, office space, studios and exclusive outdoor area at the rear of the site, as well as 24 car spaces.  The seller previously ran Spine Street Studios from the property and, to the delight of existing clients, the business will continue to operate out of the site under new management.

“We received eight offers and more than 80 enquiries on the space,” Mr Egan said. 

“Upon unconditional the buyer asked me to execute a leasing campaign for five individual tenancies. 

“Before settlement occurred the site was 100 per cent leased with rates achieved varying  between $175/sqm - $200/sqm, which set a new benchmark for leasing rates in the area. 

“The new owner of the site wanted to create a multi-tenanted hub that attracted quality businesses to the area and gave a fresh feel to the building after its use as a video and photography studio. 

“The property benefits from its prime positioning to busy Spine Street and is another example of the rise of Sumner as a hub for business and a highly desirable location in the western industrial corridor.” 

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