Forklift dealer to reap $20 million plus from Parramatta Road site
The husband and wife team behind a forklift dealership in Sydney’s west are set to inject $20 million into their retirement fund, after listing their sprawling commercial landholding for sale.
The couple have owned and operated a forklift business on the Parramatta Road site for 35 years, acquiring neighbouring blocks of land over the years.
Across nine individual titles, the enormous 6500-square-metre parcel of land is expected to sell for more than $20 million. The vendors are preparing to retire, and are open to selling the land in one line or in chunks.
Fast-food operators, industrial developers and fuel companies are expected to throw their hat in the ring due to the site’s three street frontages along Parramatta Road, James Ruse Drive and Kendall Street.
Located just five minutes from the Parramatta city centre – now known as Sydney’s second CBD – the property is just off the M4 on and off-ramps.
CBRE’s Robert Dowdy is steering the sale campaign for 45 Parramatta Road, Clyde, via an expressions-of-interest campaign.
Mr Dowdy said the nine individual titles offered flexibility and development potential, with the incoming owner able to sell off individual lots without a requirement for a subdivision. Part of the site is currently leased to car rental company Hertz.
The amalgamated parcel would suit a service station, food and beverage, self-storage, warehouses or distribution centres, he said.
Mr Dowdy expected local, national and international buyer attention, particularly as “fast-food groups vie for main road corner sites and industrial owner-occupiers, investors and developers compete for the limited number of 5000-square-metre-plus land offerings in Sydney’s central west”.
“Furniture companies, online companies and fast food groups have traded very well throughout the COVID period,” Mr Dowdy said. “These are the types of groups that will be interested in this property due to the significant exposure.”
The fundamentals for commercial property remained strong, he added, pointing to low interest rates and a lack of well-situated quality assets.
In the area, 700-square-metres blocks were selling for $3500 per square metre, he noted. A $20 million sale would equate to roughly $3075 per square metre.
Another prominent site in the nearby city centre is also for sale, with dual street frontages on Fitzwilliam Street and Argyle Street. The parcel of land is surplus land from the Parramatta Station upgrades, and runs adjacent to the train lines.
Colliers’ Andrew Graham is handling the expressions of interest campaign, due to close on March 1.
The site could be redeveloped into commercial premises, an education or healthcare establishment, hotel or motels, office premises or build to rent accommodation.
“We have had strong enquiries on the site with BTR and commercial developers taking the closest look,” Mr Graham said.
Fellow listing agent John McCann said: “With the success of Parramatta Square and the decentralisation of government tenants from the CBD to Parramatta, Parramatta has continued to see an increase in enquiry levels from both local institutional players as well as overseas buyers.”
