WAREHOUSE SALE SETS MASCOT RECORD
Written on the 10 February 2017 by Business News Australia
A MASCOT warehouse has sold for $2.9 million, a new record for the Sydney suburb.
Zenonos says this is a Mascot record for a freestanding building sized under 1,000sqm with no residential development upside."Prospective buyers were drawn to the site's location. Purchasing a free standing building of this size in such close proximity to Sydney Airport and with access to major roads such as the M5, is rare," Mr Zenonos said.
The property, which was formerly owned by A & S Williams, provides a substantial office, warehouse and mezzanine area in addition to onsite parking and exclusive yard. There was also the opportunity for a lease-back which the vendors opted to take.Silva says the sale price is a fantastic result considering there was no residential development upside for the property, but the prime location of the building was what drew the bidder's attention.
"Because of the property's location in a business development zone, business owners had a unique opportunity to buy into the area without competition from developers." adds Silva.
Author: Business News Australia