Warehouse sells for $2.9 million, sets record for Sydney’s Mascot

A warehouse in Sydney’s Mascot has sold for $2.9 million at auction, setting a record for the suburb for freestanding buildings sized under 1,000 sqm.

Located at 295 King St, in a B5 business development zone, the property comprises a 562 sqm free standing building on a 740 sqm site. It was sold to a private investor by A & S Williams Pty Ltd through CBRE. 

The selling price translates to a rate of $5,160 per sqm of the building area.

CBRE’S Nick Zenonos and Mark Silva negotiated the sale.

Zenonos said this was a Mascot record for a freestanding building sized under 1,000sqm with no residential development upside.

“Prospective buyers were drawn to the site’s location. Purchasing a free standing building of this size in such close proximity to Sydney Airport and with access to major roads such as the M5, is rare,” Zenonos said.

The property provides an office, warehouse and mezzanine area in addition to parking and exclusive yard. There was also the opportunity for a lease-back which the vendors opted to take.