Raine and Horne Commercial

NSW - Penrith Colin Henry of Commercial Penrith reports that yields on both retail and office property in the region are currently 5%, rising to 6% for industrial space. In this buoyant area, vacancies are below 5% across the commercial market, and yields are expected to rise. Colin explains, “With the airport under construction in Western Sydney, businesses and investors are flocking to the area. Major road improvements are under construction and nearing completion. This is increasing DA applications. In combination with the new infrastructure, the DA applications are driving development growth to new highs. According to Colin, COVID-19 has impacted the Penrith market very little. He adds, “The enquiry rate and leasing of industrial units is higher than ever, and both office and retail premises are leasing fast.” As a guide to recent sales results, 50 Cox Avenue, Kingswood, a warehouse, factory and industrial property on 1,018 sqm, sold for $1.075 million. A 535 sqm retail space at 126 Queen Street, St Marys sold for $2.18 million, and 2 Rob Place, Vineyard, a showroom and bulky goods property, was sold for $2.55 million. 16 - Colin Henry colin.henry@rhc.com.au