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News release


Western Sydney Officeworks-leased property sells for $13.25 million

A Blacktown investment property has sold via Expressions of Interest, securing an aggressive yield of 4.8% net

A Blacktown investment property currently leased by anchor tenants Officeworks and Subway has sold via an Expressions of Interest campaign in Sydney for $13.25 million, securing a sharp yield of 4.8 per cent net. The purchaser was a private North Shore investor.

The 5,384-square metre property is located at 22-26 Third Avenue, Blacktown, and features favourable planning controls for future mixed-use residential development. Located between Second and Third Avenues, adjacent to Sunnyholt Road, the property is approx. 300 metres from Blacktown Station and within close proximity to Blacktown CBD, Westpoint Shopping precinct, Francis Park and Blacktown Showground.

JLL's Director of Metropolitan Sales and Investments, Leslie Cheng, and JLL's Director in Charge for Parramatta, John Macree, exclusively managed the sale on behalf of a private vendor.

According to Mr Cheng, "This is a unique investment property that holds residential redevelopment potential in the medium-to-long-term. The investment is anchored by well-known brands, office retailer Officeworks and food retail tenancy Subway.

"The property currently offers strong rental return, high-quality tenants and with leases in place until approx. June 2020, the site provides a fixed, reliable income stream," said Mr Cheng.

Mr Macree said the current and future population and infrastructure growth in Sydney's western suburbs added to the appeal of this property. "Blacktown is an area that is earmarked for growth in the coming years. The price and sharp yield achieved reflects the long-term development potential and coincides with the area's rapid expansion."

The building was constructed in the early 2000s for Officeworks' high standards and has maintained a clean and efficient operating environment. The warehouse-style building is of concrete panel construction with an insulated metal deck roof.