Prime South Sydney Industrial Investment with Development Upside
Colliers and the Agency are pleased to present to the market for sale 60-66 Perry Street & 1 Kelly Street, Matraville, offering an extremely rare opportunity to secure a value-add investment or flexible redevelopment opportunity, strategically positioned within Australia’s most tightly held industrial market.
The asset is offered with a short WALE catering for a wide range of potential buyers, including Owner Occupiers, Developers and Investors.
Key Investment Highlights:
- Significant infill industrial land holding providing 16,326m² of land and 9,838m² of Gross Lettable Area within the South Sydney industrial market.
- Strategic staggered WALE of 3.26 years (by income) as at 1 July 2024 offering immediate access to rental reversion upside and the ability to implement value-add initiatives.
- Gross passing income of $1,577,034 ($160/m²) per annum, assessed below market levels.
- Assessed net market income of $2,618,055 ($266/m²) per annum, providing significant rental uplift from current levels.
- Diverse appeal to a large cross-section of potential purchasers including core plus and value-add investors, industrial developers, strata developers and self-storage operators.
- Vacant 506m² block of land at 1 Kelly Street ready to develop.
- Significant South Sydney industrial rental growth forecasts of 11.5% over 2024, supporting sound investment fundamentals and strong underwriting prospects.
- Highly functional building improvements with the ability to re-lease in its current state or implement a range of value-add initiatives.
- Flexible E4 General Industrial zoning offering multiple potential development outcomes with a 1:1 FSR and an unlimited height limit, allowing for a potential 16,326m² of GFA.
All figures are approximate.
60-66 Perry Street and 1 Kelly Street, Matraville is offered for sale via an International Expressions of Interest (EOI) campaign closing 3:00 pm (AEST) Wednesday 12th of June 2024.
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