Owner-occupiers snap up $5.65m industrial facility in Sydney’s south-west
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A large industrial property in Picton, south-west Sydney, has sold for $5.65 million to a local owner-occupier seeking to upgrade their premises.
The 5,019-square-metre property at 68 Bridge Street includes 2,421 square metres of building area with ample concrete hardstand and parking.
Nick Ward from RWC (SC), who marketed the property with colleague Samuel Hadgelias, said the facility’s features were particularly attractive to manufacturers.
“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,” Mr Ward said.
The property was sold with vacant possession, generating significant interest from owner-occupiers in Sydney’s south-west who had outgrown their current premises or faced looming lease expiries.
Mr Ward said more than 70 enquiries were received during the expressions of interest campaign, resulting in eight competitive offers.
“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,” he said.
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The sale marks the second industrial property RWC (SC) has sold in the Picton precinct this year, following the sale of 5 Bollard Place in January.
Mr Ward noted increasing interest in Picton’s industrial precinct due to limited and expensive land supply closer to Sydney.
“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,” he said.
He added that owner-occupiers are increasingly outbidding passive investors for vacant industrial properties, 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,” Mr Ward said.