A recent bidding war between buyers from the Illawarra, interstate and overseas is a vote of confidence in the region's industrial marketplace, an agent says.
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A long-vacant, large-scale industrial property at Port Kembla sold recently for $8.6 million.
Lots 1 & 2 Darcy Road, Port Kembla were sold on behalf of Property NSW.
The state government-owned site was listed for sale, having been deemed surplus to needs.
The property was put to the market by tender in May, and recently sold for $8,600,000 to an Illawarra-based industrial company.
The nearly 2.5-hectare land holding, boasting aged but substantial improvements is located at the northern end of Port Kembla's MM Beach.
Selling agents, Tim Jones and Travis Machan from MMJ Wollongong were pleased with the result following a busy marketing campaign.
"For a property of this quantum to attract so many inquiries and, in the end, so many tenders, it is a real vote of confidence in the industrial marketplace in the Illawarra," managing director Mr Jones said.
"We know that there is a lot of pent-up demand for opportunities in the industrial sector, but with so little stock actually hitting the market, it can be difficult to predict just how much there actually is.
"In spite of a local company eventually winning the day, a high percentage of our inquiry came from interstate and overseas which is exciting to see, because it means that our region and our Port facilities are being noticed and are firmly on the radar."
Mr Jones said while the buyer's plans are not yet clear, it was understood that they have the potential to one day occupy the property themselves, or simply use it as an investment.
The site features two lots totalling 2.49 hectares; 8916sqm two-bay shed with offices; and the opportunity to redevelop or refurbish existing improvements (subject to council approval).
Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
