Luke Smith of Commercial Inner West/South Sydney is seeing strong market conditions across the region, with tight vacancy rates of 5% or below across office, retail and industrial property sectors. “A consistent theme over the course of 2023 was the strength of the industrial market,” says Luke. “Our team has seen this first-hand in the inner ring industrial regions, the Inner West and South Sydney.” The recent auction of an industrial building (with office space) at 158-160 Victoria Road, Marrickville reflects the buoyancy of the market, attracting significant buyer competition. The hammer fell on a sale price of $5.48 million, which was $980,000 above the reserve, to deliver a final result of $9,133 per square metre. Luke’s team managed the sale of 16-18 Cahill Street, Annandale, which presented a rare opportunity to secure a 1,185square metre industrial warehouse property with parking for 16 cars, situated just metres from Parramatta Road, one of Sydney’s busiest thoroughfares. The $6.140 million auction result reinforces the enduring appeal of the Inner West’s commercial market. Inner West | South Sydney Office Industrial Retail Rents p/m² Vacancy Yields Rates p/m² Six-month market outlook Office Industrial Retail Rents p/m² $400-$600 $250-$500 $500-$900 Vacancy 5% 3% 4% Yields 4-5% 3.5-4.5% 3.5-5.5% Rates p/m² $8,500-$12,000 $6,500-$11,000 $8,500-$13,000 Current market conditions $5,480,000 158-160 Victoria Road, Marrickville Recent Notable Transactions SOLD SOLD $6,410,000 16-18 Cahill Street, Annadale New South Wales | 13 For more information, contact: Nicholas Smith nsmith@rhcss.com.au Luke Smith lsmith@rhcss.com.au
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