Nicholas Smith from Raine & Horne Commercial Inner West/South Sydney has achieved the rare feat of selling two different industrial properties three times this decade.
The sales followed a successful in-room auction event in Sydney recently. They included the $5.1 million auction of 40-42 Chapel Street Marrickville, a 1,316 square metre property combining older style factory and workshop space.
The current vendor secured the property in September 2010 for $1.3 million, after the previous vendor paid $1.305 million for the property in February 2010, according to Nick who secured the three distinct sales of the property.
“This industrial property attracted four bidders, and we issued ten contracts at the auction because it has three street frontages, which is rare and the potential to redevelop the site into multiple warehouse units and strata subdivisions also appealed to investors,” Nick said.
At the same auction, an industrial unit combining showroom, office and warehouse space at 9/8 Burrows Road St Peters sold under the hammer for $1.33 million. Nick first sold the property for $680,000 in March 2011 and $1.24 million in September 2016.
He said, “I am proud that I have sold these properties multiple times, and the repeat transactions demonstrate we take the needs of our buyers seriously.
“Our local knowledge and unique level of customer care for our buyers is translating into business for our office when these owners decide to sell.”
Nick continued, “In fact, I have also previously sold another commercial property for the vendor of 40-42 Chapel Street.”
The interest in the in-room auctions held at 50 Margaret Street, Sydney in late November, proves the strong demand for quality, well-located industrial real estate in the Inner West and southern Sydney is continuing, Nick noted. “The bidders who missed out on both properties are qualified buyers seeking property within the inner west or South Sydney to conduct their businesses or for investment purposes.
“If you own an industrial property in South Sydney or the inner west, now is a sensible time to take advantage of buyer demand.”
Nick added, “Industrial sales in St Peters and Marrickville are also achieving higher than expected rates per square metre.
“Smaller buildings at relatively affordable price points can often achieve results above expectations if offered in the open competitive setting that auctions allow.”
If you are considering selling a commercial property in Sydney’s south or Inner West, contact Raine & Horne Commercial Inner West/South Sydney on (02) 9572 8855.