Friday, 07 April 2023 08:16
TENANTED INDUSTRIAL FACILTY SOLD FOR $16M
A TENANTED industrial facility at Wetherill Park in Western Sydney has sold to an owner occupier for more than $16M.
Spanning 5,715sqm the freestanding site at 8 Kellaway Place is amongst limited supple of built form facilities in Western Sydney and includes two separate units of 1,507sqm and 2,135sqm for a combined 3,642sqm full height concrete warehouse with access via two roller shutter doors.
Janet Joljian and Elijah Shakir from CBRE managed the sale of the facility via private treaty.
“The property consists of an industrial freestanding site split into two tenancies, ultimately providing an opportunity to occupy or re-position upon lease expiry,” said Joljian.
The site is currently occupied by Swedish paints and performance coatings company, Akzo Nobel, with a lease term set to expire in October 2023 and a Dangerous Goods license.
The lease brings in a passing rental of $515,000 net per annum, with the sale price reflecting a 3.31% yield with a pending lease expiry.
“The purchaser was attracted to the building due to the ability to occupy one tenancy and receive uplift in rental within the other tenancy,” concluded Jolijian.
The site is zoned IN1 General Industrial, with crane rails, gantry cranes and High power supply in the tight market of the core industrial precinct of Wetherill Park, offering the new owner corporate headquarter appeal.
Recent activity in Sydney’s industrial market has seen Vaughan Constructions appointed to deliver Hale and LaSalle Investment Management’s ramp-up industrial facility at Matraville, in one of Australia’s first large-scale multi-level warehouse developments.
With the NSW capital seeing industrial vacancies fall by 31% in 2022, reaching a country low for availability at just 89,129sqm, leading prime rents to grow by grew 12% over Q4 2022 and 29% over the year.
- Australian Property Journal.
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Friday, 07 April 2023 08:11
ANGLICAN SELLDOWN CONTINUES
Northwest landholding goes for $17.5M
THE Anglican Schools Corporation has offloaded a large landholding close to the Bella Vista metro station, in Sydney’s fast-growing northwest, for $17.5M to a local vocational training establishment.
THE Anglican Schools Corporation has offloaded a large landholding close to the Bella Vista metro station, in Sydney’s fast-growing northwest, for $17.5M to a local vocational training establishment.
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Thursday, 06 April 2023 08:38
TIK TOC BANNED AS PREMIER DELETES HIS ACCOUNT
THE NSW Government has moved to prevent the installation of the TikTok application and remove existing instances of it on government-issued devices, following advice from the Commonwealth Government.
As part of this, the NSW Premier will discontinue the use of TikTok and delete the account.
On April 4, 2023, the Commonwealth Attorney-General announced amendments to the Commonwealth Protective Security Policy Framework (PSPF) that allow the Secretary of the Attorney-General’s Department to issue mandatory directions to government entities that require them to address security risks to the Commonwealth.
As part of this change to the PSPF, a direction has been issued to prevent Federal Government entities from accessing and installing the TikTok application on government-issued devices.
Cyber Security NSW will work across the NSW public sector to lead a strategic implementation of the ban on government-issued devices in line with advice from the Commonwealth.
This ban will prevent NSW Government clusters and agencies from accessing and installing the TikTok application on government-issued devices.
In particular cases where there is a need for TikTok for 'legitimate business reasons’ – such as for public health and safety messaging – agencies must first complete a risk assessment in consultation with the respective Chief Information Security Officer and the Chief Cyber Security Officer.
Cyber Security NSW will provide more detailed advice on related security risk mitigations to NSW Government clusters and agencies.
NSW Premier Chris Minns said: “I have asked for Cyber Security NSW to issue advice to NSW Government employees, to implement this change as soon as possible. “I will no longer be using TikTok.
“There will be cases where apps such as TikTok are needed for communication to the community – for example public health and safety messaging. The NSW Government will be implementing mitigations to ensure that the security risk of this use is managed appropriately.”
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