ReVest Property Group has announced the off-market sale of 2 Hume Road, Smithfield, in a transaction valued at $18.25 million.
The newly constructed industrial facility is secured by a long-term lease to global manufacturing giant 3M, underscoring the strength of both the asset and its covenant.
Completed in 2023 by high profile developer Skylife, the property was fully leased prior to completion, enhancing its investment appeal.
The transaction reflects an initial yield of 4.71% on passing income, a figure attributed to the high-quality build and blue-chip tenancy profile.
The deal was negotiated by Elijah Shakir, Partner at ReVest Property Group.
“This sale highlights a flight to quality, with investors prioritising strong tenant covenants even at sharper yields,”
Mr Shakir said. “As rents begin to stabilise in Western Sydney and more opportunities emerge, buyers are becoming increasingly selective in their acquisition strategies which is evident of Pittwater's aquisition.”
Read more on The Industrialist & The Sydney Morning Herald.
