A warehouse complex in the heart of Leichhardt has become the most expensive property to trad in the inner west this year.
The high clearance industrial distribution centre at 231-233 Catherine St was sold via an expressions of interest campaign for more than $15.5 million.
Owned by Robertson and Lansley Pty Ltd, the result is more than $10 million higher than the next best sale recorded in the Inner West Council area this year, according to CoreLogic.
The substantial landholding had been currently occupied by Roblan Holdings, a metal pressing and plastic moulding business.
Colliers International’s Trent Gallagher, who sold the property with Angus Urquhart and Adrian Balderston, said the occupier is now planning to move to a purpose-built facility in Ingleburn.
“They saw the opportunity to capitalise on the sales market by offering one of the largest single remaining industrial landholdings in the inner west precinct,” he said.
The landholding had two freestanding buildings on a 4244sqm parcel of land near Norton St.
It also offered buyers the ability to acquire five Torrens title blocks that had potential to be split into smaller parcels.
Other features included gun barrel views of Sydney CBD, a high clearance warehouse with 3427sqm of space and 800 amps of power.
Mr Urquhart said the market is seeing increased demand from owner occupiers and investors looking to aggressively compete for industrial zoned land.
“This comes amid the significant supply withdrawals that have occurred over the past five years,” he said.
“As a result there has been a sustained period of rental value, land value and capital value growth.”