In a sign of the times, two affordable industrial warehouses located at West Gosford on the Central Coast of NSW have been snapped up by Sydney buyers.
The first warehouse located at 5/13 Dell Road, West Gosford sold in less than 2 weeks for $450,000 to a Sydney businessman, who is seeking to expand his operation to the Central Coast. “There was so much demand for the warehouse that we contacted the owner of nearby 2/13 Dell Road, West Gosford, who sold his warehouse for $490,000 to a Sydney investor,” said Andrew Dunn, Commercial Sales & Leasing Executive, Raine & Horne Commercial Erina. The properties were sold by Andrew’s colleague Ben Purdue.
The industrial warehouse at 2/13 Dell Road, West Gosford last sold for $355,000 in 2013. “This is great growth for industrial property on the Central Coast,” said Andrew. “The dollar per square metre rate for leased space hasn’t moved much in 4 years. This result reflects the fact that the risk appetite of many buyers is lower, given the poor returns of other asset classes. The yield for 2/13 Dell Road is 6.28%, which is much better than cash in bank, noted Andrew.