Raine and Horne Commercial

NSW - Penrith According to Colin Henry of Commercial Penrith, current average yields in the area range from 4.5-5.0% for industrial property, through to 5.0-5.5% on retail assets and office space. Colin explains, “Demand for industrial property in Western Sydney has continued to grow throughout the pandemic with the rise of e-Commerce and development of the Western Sydney Aerotropolis.” He adds that in the industrial sector, “Businesses are expanding and looking for larger premises.” This is reflected in vacancy rates, which are below 2% for industrial property rising to 5% and 10% for retail and office space respectively. Key sales results by the Commercial Penrith team include a 2-shop retail property at 535 High Street, Penrith, which sold for $4.9 million. The properties were subsequently leased by Colin and his team for $170,000 per annum plus GST. A commercial cottage at 32 Castlereagh Street, Penrith, which features 150 square metres of floorspace on a 1,183 square metre lot, sold for $1.295 million. In the leasing market, Commercial Penrith secured the lease of Western Sydney University Corporate Centre for $148,750 per annum. 18 - Colin Henry colin.henry@rhc.com.au