While demand for commercial property may have eased slightly amid rising interest rates and increased vacancy rates, the industrial and logistics property sector has performed very strongly over the past two years and continues to do so. South Sydney Cityscope shows that sales value has increased in the past three months. Sales recorded in the quarter to June 2023 totalled $289.1 million, an increase compared to the $96.9 million in the three months to March 2023 and the $251.1 million in the three months to December 2022.
Included in these figures is 10-22 Kent Road, Mascot. The property is currently a high-clearance warehouse with a three-level office extension on a huge block of 14,930 sqm. It was sold by owner-occupier and power management company, Eaton Electrical (Australia), for $76 million. The buyer was a Goodman Ltd subsidiary, Tallina Pty Ltd. Eaton had previously bought the site for $5,252,700 in October 1997.
Bought also by Tallina Pty Ltd is the Gardeners Distribution Centre, a high quality industrial facility at 546-548 Gardiners Road in neighbouring Alexandria. The property is a 14,290 sqm, high-clearance brick warehouse with office space on a very large block of 25,103 sqm. Goodman originally purchased the distribution centre in 2016 for $35 million.
CoreLogic Australia