Big industrial site on the market in space-starved Mascot
A big industrial units site with Qantas among its tenants has been offered for sale in Mascot as investors continue to grapple with the limited supply of property in the high-density suburb, according to Colliers International.
The property, at 55 Kent Road, is fully occupied with a current net income of around $1.68 million, a 2.4 year weighted average lease expiry (WALE) and redevelopment potential, subject to council approval, to a maximum height of 44 metres, say agents.
Michael Crombie, of Colliers International, and Joshua Charles of One Commercial, are marketing the 7321-square-metre building, which is on a 11,937-square-metre site 400 metres from the Mascot train station.
Mascot and other south Sydney areas had undergone a major transformation in recent years through rezoning, said Mr Crombie, who is Colliers’ national director, property sales and leasing.
Big residential projects, as well as more retail activity around the train station and the new Mascot town centre shopping centre, had improved the area and contributed to the demand for property.
“Strategic investors will always be looking for an angle on any new investment, and with the adjoining properties enjoying office and residential zoning, this well-positioned corner site provides endless opportunity,” Mr Crombie said.
The site is near the Sydney international and domestic airports, the M5 Motorway and the new WestConnex.
Mr Charles, who is managing director of One Commercial, said industrial investments in the south Sydney area were rare – particularly an industrial estate.
“With new high-rise residential towers literally 50 metres away from this site, who knows what the future holds for the purchaser,” he said.
Expressions of interest for 55 Kent Road, Mascot, close on Wednesday, August 17, 2016 at 4pm.
Get a weekly roundup of the latest news from Commercial Real Estate, delivered straight to your inbox!
