Industrial real estate and funds specialist Propertylink Group has snapped up an industrial complex in the western Sydney suburb of Yennora in a $46.6 million play.

The property was sold by private Sydney-based developer Lamiprint just after it struck a major leasing deal with online fashion retailer The Iconic.

The sale of the property at 205-231 Fairfield Road showed an initial yield of 7.39 per cent and was brokered by Elijah Shakir of CBRE.

The A-grade industrial property was bought by the unlisted Propertylink Australian Industrial Partnership, and indicates the group’s ability to source acquisitions in Sydney’s hot industrial market.

The Yennora property spans a total lettable area of 31,086sq m, set on a 5.5ha site and offers high clearances of up to 13.2m, along with a corporate office on two levels.

The property features a quality income stream with a weighted average lease expiry of 6.6 years, including the new seven-year lease with The Iconic.

Propertylink chief executive Stuart Dawes said PAIP II now comprised 11 industrial properties valued at $220m with a forecast portfolio WALE of 5.1 years after the Yennora deal was done, reflecting the solid demand from leading local and global investors for such properties.

Propertylink manages more than $1 billion of assets with an 7.4 per cent average coinvestment that generates revenue and aligns investor and manager interests.

The company’s head of property, Peter McDonald, noted the changing nature of supply chains, and said that a feature of the current cycle was the fundamental change in the way they were designed and implemented, largely due to structural changes brought about by e-commerce.

“This demand, coupled with limited new supply, has resulted in consistent positive net absorption over a two-year period,” he said

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