WAREHOUSE SALE SETS MASCOT RECORD

WAREHOUSE SALE SETS MASCOT RECORD

A MASCOT warehouse has sold for $2.9 million, a new record for the Sydney suburb.

Located at 295 King St, in a B5 business development zone, the property comprises a 562sqm free standing building on a 740sqm site. It was sold to a private Investor following more than fifty enquiries during the auction process and competitive bidding on the day.

CBRE'S Nick Zenonos and Mark Silva negotiated the sale, selling the property at a rate of $5,160 per sqm of building area.

Zenonos says this is a Mascot record for a freestanding building sized under 1,000sqm with no residential development upside.

"Prospective buyers were drawn to the site's location. Purchasing a free standing building of this size in such close proximity to Sydney Airport and with access to major roads such as the M5, is rare," Mr Zenonos said.

The property, which was formerly owned by A & S Williams, provides a substantial office, warehouse and mezzanine area in addition to onsite parking and exclusive yard. There was also the opportunity for a lease-back which the vendors opted to take.

Silva says the sale price is a fantastic result considering there was no residential development upside for the property, but the prime location of the building was what drew the bidder's attention. 

"Because of the property's location in a business development zone, business owners had a unique opportunity to buy into the area without competition from developers." adds Silva.

Business News Australia

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