Benchmark Report 2463175 2020.pdf

BENCHMARK COMPONENT REPORT
DISTRICT:
261 - CUMBERLAND
ZONE:
IN1 - General Industrial
COMPONENT:
INA - GENERAL INDUSTRIAL: SMITHFIELD & YENNORA (>4000M2)
BASE DATE:
01/07/2020
PROPERTY ID:
2463175
How is my land valued? Most land is valued using a mass valuation process.
What is a component? Properties that are expected to change in value at the same rate are grouped together. These
properties generally have similar features. The groups are called components.
What is a benchmark? Within each component, one representative property called a primary benchmark is chosen.
Benchmark properties are valued individually each year to measure how much the value of the land
has changed from the previous year.
Each new benchmark value is then compared to the value of the benchmark from the previous year.
This change in value is called the component factor and it is then applied to all properties within the
component.
The Primary Benchmark chosen will have a land value close to the median land value. This ensures
that it represents most properties in the component. The median usually represents the middle land
value, which means that roughly 50% of land values will be higher while the other 50% will be lower.
Often additional benchmark properties are chosen called Reference Benchmarks. These properties
usually have land values higher or lower than the median.
Before undertaking benchmark valuations, valuers will inspect and analyse a large number of sales
in a locality to gain an in depth understanding of what is happening in the real estate market. This
information and the valuer's experience, knowledge and expertise are then used to value the
benchmark properties.
About this report: This report shows information about the component and the sales that were used to value the
benchmarks. The report includes the district, the zone and the valuing year it relates to.
It also provides brief comments about how the sales relate to the benchmarks.
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BENCHMARK COMPONENT REPORT
DISTRICT:
261 - CUMBERLAND
ZONE:
IN1 - General Industrial
COMPONENT:
INA - GENERAL INDUSTRIAL: SMITHFIELD & YENNORA (>4000M2)
BASE DATE:
01/07/2020
PROPERTY ID:
2463175
Benchmark Properties
Address: BRITTON ST SMITHFIELD NSW 2164
Area:
3.326 H
Primary/Reference Benchmark: Reference
Description:
Q4 RBM: Slightly irregular, but rectangular shaped corner lot with a curved frontage to bend in street. Sits
slightly below street level, with a gradually north-south cross fall in topography. Position to the street and size
allows for three separate accessways. Britton St is a local urban loop road that allows for heavy vehicle access.
Located some 285m north of intersection with Long St, the main collector road to the precinct. Situated within the
established Smithfield industrial precinct located some 3km south of the M4 motorway on the western side of
Warren Rd (Cumberland Hwy). The locality is approximately 26km west of the Sydney CBD and 6km from
Parramatta CBD. The precinct generally consists of dated medium and large scale industrial warehouse
developments with more recent emerging in-fill redevelopments. Zoned IN1: General Industrial Holroyd Local
Environmental Plan 2013. Min. lot size: 1200m2.
Address: NELSON RD YENNORA NSW 2161
Area:
5008 M
Primary/Reference Benchmark: Reference
Description:
Q1 RBM: Irregular shaped corner lot, at grade with street, and level in topography. Secondary frontage to
Yennora Ave and opposite Yennora Station. Nelson Rd is a minor local no-through road that does not allow for
B-double vehicle access. Situated within the established Yenorra industrial precinct located just north of Fairfield
town centre and adjacent to north-west side of the Cabramatta-Granville Railway line. The locality is
approximately 6km south of Parramatta CBD. The precinct generally consists of established medium and large
scale industrial development including the Yennora Distribution Park. The precinct is currently undergoing a
revitalisation with several large vacant and improved land holdings within the precinct under development. Zoned
IN1: General Industrial Holroyd Local Environmental Plan 2013. Min. lot size: 1200m2.
Address: WOODPARK RD SMITHFIELD NSW 2164
Area:
9187 M
Primary/Reference Benchmark: Primary
Description:
PBM: Irregular shaped internal lot with angled frontage, slightly raised above street, but generally level in
topography. Wide, 134m, frontage to south side of road. Woodpark Rd is a wide local urban road with off-street
truck parking that allows for heavy vehicle access. Located some 700m west of intersection with Betts Rd
(Cumberland Hwy). Situated within the established Smithfield industrial precinct located some 3km south of the
M4 motorway on the western side of Warren Rd (Cumberland Hwy). The locality is approximately 26km west of
the Sydney CBD and 6km from Parramatta CBD. The precinct generally consists of dated medium and large
scale industrial warehouse developments with more recent emerging in-fill redevelopments. Zoned IN1: General
Industrial Holroyd Local Environmental Plan 2013. Min. lot size: 1200m2.
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BENCHMARK COMPONENT REPORT
DISTRICT:
261 - CUMBERLAND
ZONE:
IN1 - General Industrial
COMPONENT:
INA - GENERAL INDUSTRIAL: SMITHFIELD & YENNORA (>4000M2)
BASE DATE:
01/07/2020
PROPERTY ID:
2463175
Sales Address: 15 STURT ST SMITHFIELD
Analysed Sale ID:
Legal Description: 2/1236863
163218
Area: 4653 M
Purchase Price: $7,950,000
Contract Date:
27/11/2019
Analysed land value at current base date: $2,900,000
Settlement Date: 27/02/2020
Description/Comments: Improvements: Improvements on site at the date of inspection comprised of a medium-high clearance
concrete panel and metal clad warehouse with two level office/reception/amenities area along front
facade. The improvements appear to be in good condition. Ground improvements including
driveways, fencing etc also appear to be in generally good condition. Land: Slightly irregular frontage,
but otherwise rectangular shaped internal lot raised above street with a level building platform.
Location: Positioned some 300m south of intersection with major carriageway, Warren Road. The
property is located towards the eastern fringe of the established Smithfield industrial precinct, which is
located some 3km south of the M4 motorway on the eastern side of Warren Rd (Cumberland Hwy).
The locality is approximately 26km west of the Sydney CBD and 6km from Parramatta CBD. Access:
Direct frontage of 34m to the west-side of a wide unmarked two-way local urban road with unsealed
pathways and on-street parking. Street allows for B-double heavy vehicle access. Views: Immediate
streetscape. Services/amenities: Standard services are connected to the site. Property has good
access to major transport nodes and local amenities. Surrounding development: The immediate
precinct generally consists of a mix of older and more recent medium and large scale industrial
factory/warehouse developments. Environmental Constraints: Subject to flood planning controls.
Planning: IN1 General Industrial per Holroyd Local Environmental Plan 2013. FSR: N/A. HOB: N/A.
Min Lot: 1200m2. Circumstances of Sale: Market sale via agent. Sold with vacant possession. We
have made the necessary EPA investigations and this property is not known to be contaminated. We
assessed the added value of improvements for this property using our added value of improvements
and paired sales analysis or by replacement cost new analysis. Agent ad EXCEPTIONAL
FREESTANDING OPPORTUNITY IN A CORE INFILL LOCATION | 3,306SQM Ideal for owner
occupiers or investors Recently refurbished to a high standard EOI closes: Wednesday 13th
November 2019 CBRE is pleased to offer for sale 15 Sturt St, Smithfield via an Expressions of
Interest Campaign, closing: 13th November 2019 The property is located on the Western side of Sturt
Street between Pavesi Street and McCredie Street, Smithfield. Situated within close proximity to the
intersection of the Cumberland and M4 Motorway the location of the property provides quick access
to Sydney's Orbital Network. - Total Building Area: 3,306sqm* - Total Site Area: 4,650sqm* - Prime
positioning located just 250m* from the Cumberland Highway - Zoned IN1 General Industrial -
Recently refurbished to a high standard - Accessed via two (2) roller shutter doors - Full height
concrete panel walls - Sprinklered facility - Up to 9.4m clearance - Ideal for owner occupiers or
investors - Great access to major arterial roads - Located in a highly sought after and well established
industrial market in Western Sydney . DA DA2016/171/1 submitted for PID 4256063 on 09-May-2016:
Part demolition of existing structures, bulk earthworks, construction and use of a hardware and
building supplies store (Bunnings) with associated plant nursery and landscape supplies, signage,
new road and Torrens subdivision of land into 2 lots, The project has a capital investment value of
more than $20M and the Sydney West Joint Regional Planning Panel is the consent authority.
Estimated Cost of Work: $29,370,000. Decision by:JRPP/PAC acting as JRPP. Address: 1-15 Sturt
Street SMITHFIELD. Applicant - Bunnings Group Ltd. Approved on 22-May-2017..
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BENCHMARK COMPONENT REPORT
DISTRICT:
261 - CUMBERLAND
ZONE:
IN1 - General Industrial
COMPONENT:
INA - GENERAL INDUSTRIAL: SMITHFIELD & YENNORA (>4000M2)
BASE DATE:
01/07/2020
PROPERTY ID:
2463175
Sales Address: 10 TARLINGTON PL SMITHFIELD
Analysed Sale ID:
Legal Description: 20/778472
163221
Area: 4253 M
Purchase Price:  $4,575,000
Contract Date:
11/12/2019
Analysed land value at current base date:   $2,400,000
Settlement Date: 28/02/2020
Description/Comments: Improvements: A freestanding mid span warehouse building with mezzanine office component with
undercroft carparking comprising of concrete panel and metal clad construction. Concrete sealed
hardstand and carparking areas secured by gated palisade fencing. Internal fit-out includes x2 gantry
cranes. Overall, considered to be in good condition. Land: A rectangular shaped internal lot, with a
39m wide frontage to southern side of street. Sits at grade with street and is relatively level in
topography. Location: Positioned some 245m east of intersection with Gipps Rd. The property is
located towards the north-western fringe of the established Smithfield industrial precinct located some
3km south of the M4 motorway on the western side of Warren Rd (Cumberland Hwy). The locality is
approximately 26km west of the Sydney CBD and 6km from Parramatta CBD. Access: Direct frontage
to a wide unmarked two-way local urban road with unsealed pathways, on-street parking, that ends in
a cul-de-sac. Street allows for B-double heavy vehicle access. Views: Immediate streetscape.
Services/amenities: Standard services are connected to the site. Property has adequate access to
major transport nodes and local amenities. Surrounding development: The precinct generally consists
of semi-modern medium scale industrial factory/warehouse developments. Environmental
Constraints: Approximately 1415m2 to rear boundary is densely bushcovered, undevelopable, acting
as a buffer to the low-density residential precinct to the north. Planning: IN1 General Industrial per
Holroyd Local Environmental Plan 2013. FSR: N/A. HOB: N/A. Min Lot: 1200m2. Circumstances of
Sale: Market transaction through agent. Sold with month-to-month tenancies. We have made the
necessary EPA investigations and this property is not known to be contaminated. We assessed the
added value of improvements for this property using our added value of improvements and paired
sales analysis or by replacement cost new analysis. This analysis has been undertaken without a
physical inspection due to restrictions in response to COVID-19. We have had regard to information
available on improvements from other sources (RP Data) to complete the analysis. Agent ad: Occupy,
Invest or Both Building area: 2,287m* Site area: 4,253m* Comprises three units on one title Tenants
on month by month leases Access via container size roller shutter doors Internal warehouse
clearance ranging from 7.2 - 9.6m (approx.) 10 tonne 5 tonne gantry cranes Bonus additional
mezzanine floor area of 100m* which has not been included in the quoted building area Excellent
natural light Each unit includes carpeted, tiled, partitioned and air conditioned office/showroom
accommodation High power supply 250amps* LED lights throughout Full height concrete panel walls
and metal deck roof Flexible IN1 General Industrial zoning which suits a wide range of users including
warehousing and manufacturing etc. Very rare opportunity for both owner occupiers and investors
Located within close proximity to the Great Western Highway, Cumberland Highway, M4 M7
Motorways providing excellent Sydney wide and interstate access.
Sales Address: 14 HUME RD SMITHFIELD
Analysed Sale ID:
Legal Description: 24/746014
163240
Area: 7985 M
Purchase Price:  $7,600,000
Contract Date:
29/11/2019
Analysed land value at current base date:   $4,200,000
Settlement Date: 23/12/2019
Description/Comments: Improvements: A dated office/warehouse of concrete panel and metal roof construction with dual
high-clearance shutter roller door access. Concrete hardstand area with security fencing. Land:
Irregular shaped internal lot with a gradually rising topography from street to rear boundary. Location:
The property is within the established Smithfield industrial precinct located some 3km south of the M4
motorway on the western side of Warren Rd (Cumberland Hwy). The locality is approximately 26km
west of the Sydney CBD and 6km from Parramatta CBD. Access: Situated on the southern end of
Hume Rd, an unmarked minor urban road that ends in a cul-de-sac accessed via Woodpark Rd. The
precinct is serviced by the Liverpool-Parramatta Transitway located just south of the subject property.
Views: Immediate streetscape. Services/amenities: Standard services are connected to the site.
Property has adequate access to major transport nodes and local amenities. Surrounding
development: The precinct generally consists of dated medium and large scale industrial warehouse
developments with more recent emerging in-fill redevelopments. Environmental Constraints: None.
Planning: IN1 - General Industrial per Holroyd Local Environmental Plan 2013. FSR: N/A. HOB: N/A.
Min Lot: 1200m2. Circumstances of Sale: Off-market transaction, per dealing, sold with existing
tenancy. We have made the necessary EPA investigations and this property is not known to be
contaminated, nor is it known to have any environmental issues. We assessed the added value of
improvements for this property using our added value of improvements and paired sales analysis or
by replacement cost new analysis..
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BENCHMARK COMPONENT REPORT
DISTRICT:
261 - CUMBERLAND
ZONE:
IN1 - General Industrial
COMPONENT:
INA - GENERAL INDUSTRIAL: SMITHFIELD & YENNORA (>4000M2)
BASE DATE:
01/07/2020
PROPERTY ID:
2463175
Sales to Benchmark Comparison
Benchmark Property Address: BRITTON ST SMITHFIELD NSW 2164
Analysed Sale ID
Comparison
163218
Smaller, 4653 m2 block, situated on Sturt St in Smithfield. Zoned IN1 General Industrial.
Adjusted land value of $3,000,000 or $645/m2. Overall the sale is considered inferior to the
benchmark due to size.
163221
Smaller, 4253 m2 block, situated on Tarlington Pl in Smithfield. Zoned IN1 General Industrial.
Adjusted land value of $2,400,000 or $564/m2. Overall the sale is considered inferior to the
benchmark due to size.
163240
Smaller, 7985 m2 block, situated on Hume Rd in Smithfield. Zoned IN1 General Industrial.
Adjusted land value of $4,100,000 or $513/m2. Overall the sale is considered inferior to the
benchmark due to size.
Benchmark Property Address: NELSON RD YENNORA NSW 2161
Analysed Sale ID
Comparison
160950
Smaller, 695 m2 block, situated on Boola Ave in Yennora. Zoned IN1 General Industrial.
Adjusted land value of $980,000 or $1,410/m2. Overall the sale is considered inferior to the
benchmark due to size.
160951
Smaller, 1113 m2 block, situated on Kiora Cres in Yennora. Zoned IN1 General Industrial.
Adjusted land value of $1,350,000 or $1,213/m2. Overall the sale is considered inferior to the
benchmark due to size.
163218
Slightly smaller, 4653 m2 block, situated on Sturt St in Smithfield. Zoned IN1 General Industrial.
Adjusted land value of $3,000,000 or $645/m2. Overall the sale is considered superior to the
benchmark due to location and land dimensions.
Benchmark Property Address: WOODPARK RD SMITHFIELD NSW 2164
Analysed Sale ID
Comparison
163218
Smaller, 4653 m2 block, situated on Sturt St in Smithfield. Zoned IN1 General Industrial.
Adjusted land value of $3,000,000 or $645/m2. Overall the sale is considered inferior to the
benchmark due to size.
163221
Smaller, 4253 m2 block, situated on Tarlington Pl in Smithfield. Zoned IN1 General Industrial.
Adjusted land value of $2,400,000 or $564/m2. Overall the sale is considered inferior to the
benchmark due to size.
163240
Smaller, 7985 m2 block, situated on Hume Rd in Smithfield. Zoned IN1 General Industrial.
Adjusted land value of $4,100,000 or $513/m2. Overall the sale is considered slightly inferior to
the benchmark due to size.
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BENCHMARK COMPONENT REPORT
DISTRICT:
261 - CUMBERLAND
ZONE:
IN1 - General Industrial
COMPONENT:
INA - GENERAL INDUSTRIAL: SMITHFIELD & YENNORA (>4000M2)
BASE DATE:
01/07/2020
PROPERTY ID:
2463175
Valuation of Benchmark Properties
Benchmark Property Address: BRITTON ST SMITHFIELD NSW 2164
Primary/Reference  Reference
Benchmark:
Area:
3.326 H
Previous Base Date and Land Value:
01/07/2019 $12,700,000
Current Base Date: and Land Value:
01/07/2020 $13,100,000
Reflected Factor:  1.03
Benchmark Property Address: NELSON RD YENNORA NSW 2161
Primary/Reference  Reference
Benchmark:
Area:
5008 M
Previous Base Date and Land Value:
01/07/2019 $2,250,000
Current Base Date: and Land Value:
01/07/2020 $2,330,000
Reflected Factor:  1.04
Benchmark Property Address: WOODPARK RD SMITHFIELD NSW 2164
Primary/Reference  Primary
Benchmark:
Area:
9187 M
Previous Base Date and Land Value:
01/07/2019 $4,380,000
Current Base Date: and Land Value:
01/07/2020 $4,550,000
Reflected Factor:  1.04
Conclusion
IN1/INA - GENERAL INDUSTRIAL (SMITHFIELD & YENNORA >4000m2): Component comprises of around 176 properties
ranging in size from 4000 square metres - 4.8 hectares. Medium to large scale General Industrial zoned properties located in
established industrial precincts to the south-west of the LGA. Suburbs include: Guildford West (1), Smithfield (145), Woodpark
(1), Yennora (29). The component method of valuation has been adopted. This methodology is an indexing system of mass
valuation involving the grouping of properties with the same land use zoning and similar attributes such as size, location and
amenity. Due to having similar attributes, the value movements of each property from one year to the next are expected to be
similar. As such, individual valuation decisions are then made to typical properties chosen to represent the component
(benchmark properties) in order to derive a Component factor. This factor is used to value properties in the component. The
benchmark properties have been valued by Direct Comparison to analysed market sales evidence. A Component factor of
(1.039) has been applied for the 2020 revaluation, derived from the valuation of the Primary Benchmark based on analysis of
sales within the component and similar zoned properties within Cumberland LGA and adjoining LGA(s). No other factors
applied. Handcrafting of minor significance. No recent objections to land values to the component. Collectively, all the sales
considered indicate that demand for industrial property has remained steady to slight increases over the past 12 months to the
1 July base date. This trend is consistent throughout Industrial zones in the district. Demand for industrial sites continues to be
underpinned by the district's close proximity to the Parramatta & Sydney central business areas, central position to major
transport nodes & infrastructure and diminishing industrial land closer to the major centres. MVP statistical requirement has
been met.
Previous Component Factor:
1.020
Current Component Factor:
1.039
*** END OF REPORT ***
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