An industrial office / warehouse in Smithfield recently sold for $22.0M to local investor CEA Property. The property is located on the southern side of Britton Street which runs off Long Street, Smithfield, approximately 7km south west of Parramatta. Britton Street is a B-Double approved route and well located to the Cumberland Highway and M4 Motorway.
The property has been owned and operated by Tien Wah Press Holdings which operated a tobacco carton printing business called Anzpac Services. Following the decline in cigarette consumption and introduction of plain packaging the business was sold to subsequently sold to Hong Kong Investor Jerome Chan. The business has a lease on 63% of the property until May 2019. A second unit remains vacant.
The asset, which comprises 14,089sqm of net lettable area, was built in the early 1990's and extended in 2003.