South-west Sydney’s industrial sites are in high demand with the property market booming and a new industrial property listing due to provide much-needed land to buyers.
Angus Urquhart, Adrian Balderston and Hamish Miles from Colliers have the listing. The property will be at auction on Wednesday March 23 at 10:30am.
“We have never seen the south-west industrial market starved of industrial availability like this before from both a sale and leasing perspective,” Angus says.
“There has been a big push from owner-occupiers and tenants from south Sydney looking to migrate down the M5 in search of better-valued industrial property, and they are often outbidding traditional buyers from the region,” he adds.
The 166 Eldridge Road site in Condell Park is 4082 sqm and has 34 metres frontage. The building area is 1799 sqm and has a low site coverage of 44 per cent. The vacant property is zoned in IN1 General Industrial.
The property has a high-power supply, a five-tonne gantry cane, 10.5m internal warehouse clearance, and between eight and 10 parking spaces.
It’s also situated near major arterial roads such as Milperra Road and the M5 Motorway with a 14-minute drive to Port Botany and a 16-minute drive to Sydney Airport.
The Condell Park area comprises a mixture of newly developed strata estates and owner-occupied warehouses. There are only a few freestanding warehouses nearby.
“Record land rates are being achieved on a regular basis thanks to a major land shortage,” Adrian says. “Growing pressure from core south Sydney tenants relocating towards south-west markets is increasing rental rates, lowering incentives and impacting current supply.”
The available developable land has shrunk dramatically, and their prices have increased significantly due to new investments into suburbs like Kingsgrove, Riverwood, Milperra, Revesby and Punchbowl with increases forecast to be ongoing.
For more information on Colliers’ commercial leasing, click here.
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