Gateway Capital has taken advantage of falling land values in Sydney’s western suburbs and a lack of new industrial property to buy a site from US-based Greystar on which it will start building a 39,500-square-metre warehouse facility when it settles this month.
The fund manager declined to say how much it paid for the 5.8-hectare South Granville site, but industry sources speaking on condition of anonymity put the price just below $80 million, well below the $95 million records show developer and investor Greystar paid in October 2022.
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