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News release


An Industrial estate at Smithfield has sold for AUD 19.2 million

A logistics-style Industrial estate with multiple tenancies at 28-54 Percival Road, Smithfield has been acquired by a private investment group.

​SYDNEY, 22 February, 2014 – An Industrial estate in Smithfield has sold to a private group of investors for AUD 19.2 million. Populated with multiple tenancies, the property is located at 28-54 Percival Road, Smithfield – an established Industrial precinct of Western Sydney. 

Jones Lang LaSalle’s Head of Industrial for Parramatta, Casey Greenberg, managed the sale on behalf of Cromwell Property Group.

The property is located in Smithfield, approximately 10 kilometres south-west of Parramatta CBD and approximately 32 kilometres west of the Sydney CBD. The area has a number of major industrial occupiers, including DHL, Visy, Sandvik, Boral, Crown, Dimension One, Hettich, Byron Group, COPE Sensitive Freight and Blackwoods. The major tenant of 28-54 Percival Road is C&S Logistics.

Mr Greenberg said the purchase by this investment group was a strategic move on behalf of their investors.

“Secondary assets such as this in prime locations have a high potential for growth. Most of the larger institutional investors are targeting prime-grade assets, leaving opportunities for private investors to take advantage of the secondary market where they can add value and potentially reap greater returns,” said Mr Greenberg.

Jones Lang LaSalle’s Head of Industrial for NSW, Michael Wall, said syndication groups often see secondary-grade assets as better value, providing their investors with higher yields. 

“Historically syndicators have been very active in the secondary industrial market, given the yields the sector provides for distribution purposes. With the limited opportunities in the prime industrial market, we also envisage more private and institutional owners being active in this sector in the coming year, who will see underlying value in functional older-style improvements in established precincts,” said Mr Wall.

Percival Road connects the two arterial roads of Cumberland Highway and Woodpark Road. It is easily accessible from the M4, M5 and M7 Motorways. The site adjoins the bus transit way, providing public transport for employees. 

The property has a site area of approximately 55,170sqm, with a total building area of 24,519 sqm split over three buildings. The site is designed to cater for multiple logistics occupiers through buildings and warehouse break-ups; a mixture of roller door and dock access; a marshalling area; awning and parking space; and a dedicated office building.