5 Pembury Road, Minto
Demand for infill development sites in Sydney’s South-west remains strong with a 4051sqm site in Minto selling off-market for $6.3m in a deal secured by LJ Hooker Commercial Bankstown.
It only took six days for the vendor to find a buyer – private developer RAAM Holdings Minto Pty Ltd - with the sale of the site at 5 Pembury Road reflecting a rate of $1555 per square metre. The result secured the vendor an 11% capital gain after having only purchased the site in late 2023.
Ryan Jennings, who sold the property alongside Jon Orsborn, said developers were waiting in the wings for off-market opportunities, land banking sites in readiness for improved construction conditions.
The tenants onsite hold a lease until September with no further options. The property generates a gross rental income of $237,952 per annum plus GST.
“The purchaser had been seeking a suitable industrial site for smaller-scale strata-development for quiet sometime with opportunities scarce,” said Mr Jennings.
“The Minto market has been tightly held over the last 12 months. The seller had only had the property for around 12 months but recognised the demand for sites such as this and decided to test the market. It didn’t take long at all for us to find a premium buyer.”
Mr Orsborn said the purchaser would benefit from a nominal income stream until September as they finalise plans and acquire approvals for the site.
While many small to medium enterprises had struggled through 2024 because of tightened consumer spending and higher lending rates, there were still service-based tenants - auto repairers, custom fabricators and more - that were looking to upgrade their premises.
“There is a real shortage of quality smaller-scale industrial offerings for SMEs in the Southwest corridor,” said Mr Orsborn.
“The purchasers understand the local market dynamics and are going to deliver a development that will appeal to a broad cross-section of occupiers.”
For media enquiries:
Ryan Ellem
M: 0427 916 020 E: rellem@ljhooker.com
About LJ Hooker Group
96 years, 420 offices, 4,300 people, 4 brands
LJ Hooker Group has been pioneering real estate since opening of its first LJ Hooker office in Maroubra, Sydney, in 1928. Since then, it has grown to become a house of brands including two boutique networks - Atlas by LJ Hooker in Australia, and Harveys in New Zealand - and LJ Hooker Commercial, which provides a comprehensive range of commercial real estate services.
Collectively, the LJ Hooker Group comprises one of the largest residential and commercial sales and property management networks, comprising 420 offices and a team of 4,300 sales professionals, property managers, and support staff across the Tasman.
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