Dexus settles on Auburn bulky goods site for $65 million
Media Release - 14th February, 2017
Sydney, NSW. Leading commercial real estate firm Raine & Horne Commercial Olympic Park has brokered the sale of a prime industrial site in Auburn for $65 million on behalf of Dexus Property Group (DEXUS).
A Chinese bulky goods firm has secured the flexible 22,000 square metre property located at 79-99 St Hilliers Road, Auburn via an off-market sale.
The sale price was well above expectations, according to selling agent, Duarte Figueira, Co-Principal Raine & Horne Commercial Olympic Park.
“This is one of the biggest sales transacted in the Auburn and Silverwater areas in the last decade,” said Mr Figueira.
“The buyer has recognised that 79-99 St Hillier's Road is a flexible industrial estate in a thriving retail district with great connectivity to wider Sydney.
“The buyer was attracted by the high visibility on busy St Hilliers Road and its relative proximity to Sydney Airport.”
Ross Du Vernet, DEXUS Chief Investment Officer said: “In 2015 we identified that the property had a higher and better use, being bulky goods.
"The sale delivers a strong financial outcome for investors and along with the sale of Erskine Park will contribute to FY17 trading profits.”[ao1]
For further media information contact:
Duarte Figueira, Co-Principal, Raine & Horne Commercial Olympic Park on 0417 277 177