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Dexus picks up South Granville infill site for $61.5million

People & Companies / Latest News

Australia / Sydney

Aug 20 2018

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Dexus has secured a 10-hectare infill site at South Granville for $61.5million, representing the largest 100 per cent freehold land sale in Western Sydney of 2018 year to date.

54-68 Ferndell Street is one of limited large-scale land-bank opportunities remaining in the area due to the ongoing gentrification of industrial precincts.

Savills Australia’s Darren Curry and Ray Trimboli brokered the deal on behalf of a private vendor, Grand Sasanqua Pty Ltd, following a competitive expressions-of-interest campaign that received seven offers to purchase.

Mr Curry said Dexus intended to develop the land to incorporate up to 56,000sqm of gross floor area, providing ample space for a variety of user groups.

“The site will give e-commerce companies a competitive edge for “last mile” and “just in time” delivery capability due to its prime location,” he said.

Mr Trimboli said the locational and supply-chain benefits of South Granville were a key drawcard for the prospective purchasers.

“The site is well positioned to get freight and product to the Sydney metro region, with less congestion compared to the many outlying industrial areas,” he said.

“Precincts such as Regents Park and Chullora hold a similar appeal for many occupiers.”

Mr Curry said the strength of the Western Sydney industrial development market had been “well and truly tested” in recent months, with he and Mr Trimboli selling more than $150million worth of land since April.

“These transactions have included Boral’s Greystanes sale to ISPT for $60million, a Goodman sale to Direct Freight Express for $30million at Oakdale, and now the $61.5million South Granville sale to Dexus,” he said. 

“We expect the industrial land sales market to continue to perform highly in Sydney, as supply and demand forces are creating healthy competition among purchasers.

“Both owner-occupiers and developers are wishing to acquire zoned, serviced and well-positioned land within close proximity of major existing and under-construction infrastructure projects.”

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