Seven owners offload prime opportunity

Seven owners offload prime opportunityNeighbouring strata title factory owners in the inner Sydney suburb of Alexandria have banded together to sell a prime industrial property for a total of $30 million, with each achieving a 300 per cent uplift in value.The seven neighbours, which include Clark Corporation, Peaty Group and MRecht Accessories, have sold eight of the 10 units in the strata industrial estate at 163-167 McEvoy Street to a local private investor. The complex has a total internal gross strata area of 4378 sqm, as well as parking for around 35 cars. Strata units vary in size from 313 sqm and 588 sqm. The 5590sqm site is zoned B4 Mixed Use and is in an area where there has been substantial medium density residential and mixed use development in recent years. It is just seven km from the Sydney CBD and 800m to Green Square train station.The deal was negotiated by Adam Bodon and Peta Antoniou of Knight Frank. Bodon, Knight Frank’s associate director of residential site sales, says it is likely the purchaser will look to develop the site in the future.”There are huge future growth prospects and an immediate upside waiting to be unlocked, including but not limited to a medium density mixed use development,” Bodon says.Antonio, Knight Frank’s associate director for South Sydney, says the property is a “highly desirable end product, with strong recent sales in nearby developments within Alexandria.”