Raine & Horne Commercial

NSW - Penrith There’s a lot happening in the Penrith market right now. As Colin Henry of Commercial Penrith explains, the region is seeing the development of several new business parks coupled with major road improvements, which is increasing DA approvals and infrastructure within the Penrith area. Average yields currently range from 5.0-6.0% for retail property, 6.0% for industrial space and 6.0% for office assets. Colin expects these yields to remain stable for the rest of the year. The retail market in Penrith has seen vacancy rates rise to 8.0% however Colin notes that “our enquiry rates have been higher.” A vacancy rate of just 4.0% applies to the industrial market, which Colin says has not been impacted to any great degree by the pandemic. The office market is seeing a vacancy rate of 12.0%, which reflects the need for smaller space among many businesses that are adjusting to working from home trends. Despite the pandemic, the team at Commercial Penrith have recorded outstanding sales in the last fewmonths including an 8,486 square metre site with 65 metre highway frontage at 561 Great Western Highway, Werrington, which sold for $4.9 million. A commercial property at 535 High Street, Penrith sold for $4.9 million. And a 2-storey fitness centre located adjacent to the Werrington County Shopping Village came onto the market for the first time in over 25 years, commanding $2.85 million at sale. In the leasing market, Building BB in the grounds of the University of Western Sydney was leased for $190,000 per annum. 22 - Colin Henry colin.henry@rhc.com.au