A commercial property with future development potential in Sydney’s west has been sold following strong demand during the sales campaign.

The property at 32-34 The Horsley Drive in Carramar is comprised of a 500sq m building (including mezzanine) on an 817sq m site.

It was sold for $1.7 million to a local owner occupier in a deal negotiated by Mark Sfeir, Jake Smith and Grant Bulpett of Knight Frank.

The Carramar property is currently tenanted on a month-to-month basis for $3,696 plus GST gross rent per month, with the tenant using it for storage and distribution of commercial kitchen equipment.

Mr Sfeir said the sale campaign for the property yielded 80 enquiries and more than 15 inspections.

“Buyers were attracted to the property due to its location, being a well-positioned asset with flexible E1 Local Centre zoning in the heart of Carramar,” he said.

“Its future development upside was also a drawcard, with the zoning permitting an array of uses, including retail, business and community uses.

“In the current market buyers are looking for quality investments with the potential for future value-adding, with the added bonus of holding income for at least the short term.”

Mr Smith said the asset was strategically positioned with main road exposure to The Horsley Drive.

“The property was received well by the market, being adjacent to Carramar Public School and in close proximity to local neighbourhood amenity,” he said. “It also has the added bonus of rear lane access via Crossman Lane.”

The asset is located approximately 6.5 km north of Liverpool CBD, 8.6 km south of Parramatta CBD and 22.1 km west of Sydney CBD.

The Horsley Drive is a key connector between Cumberland Highway and Hume Highway, with 32-34 The Horsley Drive accessible via multiple public transport modes, with frequent bus routes and Carramar Train Station, located just 600 metres away.

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