A lot of vacancy has hit the South Sydney industrial strata market, which is competing for a small amount of demand. Quality and highly functional units with a point of difference are those rising to the top and being leased.
Evidence of this is the pre-leasing of three brand new industrial units at 41 Smith Street, Hillsdale, NSW:
- Visionario Pty Ltd has leased 476.5sq m at Unit 1
- Ambient Mechanical Services Pty Ltd has leased 384sq m at Unit 2
- Ashande Group Pty Ltd has leased 325sq m at Unit 3
The brand new units at 41 Smith Street, Hillsdale have been developed and built by Savcon. The quality and layouts have proven to be very appealing to tenants, with features including 9m* high internal clearances, offices over two floors and balconies.
All three units were completed in early June and Sam Wallace of Savills South Sydney had all three under offer prior to completion.
Mr Wallace said tenants have been very impressed with the 9m high internal clearance, offices over two floors and balconies, and all units were under-offer prior to construction completing early June.
“This property is a standout in the market and attracted a lot of tenant attention leaving a lot of older properties having to reduce pricing in order to secure income”
“Landlords have also had to be more flexible in how incentive has been structured i.e. front weighting any incentive to enable to tenants to navigate the economic downturn and uncertainty,” he continued.
Learn more about Savills Industrial & Logistics services.