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Colliers sell 19-21 Loyalty Road, North Rocks

Leda Holdings has purchased a large infill industrial investment in North Rocks for $57 million, through Colliers’s Gavin Bishop, Sean Thomson, Paul McGlynn, and Matthew Flynn.

A private investor sold the 46,800m² site he had owned for 24 years, which has 19,187m² of improvements across three buildings, leased to five different tenants with a weighted average lease expiry (WALE) of 2.94 years, generating $2.4 million in rental income annually, and is located in one of the most tightly held industrial precincts in Sydney.  

Leda and Colliers since the acquisition, have begun to reposition the business park asset by attracting new tenants to the property striking a new lease deal to increase the WALE. 

Gavin Bishop, Head of Industrial Capital Markets, Australia, said “This site was strategically acquired given the significant investment in infrastructure that is planned or currently underway by the Government. Most of this investment is happening within Western Sydney.”

“North Rocks is regarded as one of the most tightly held industrial precincts in Western Sydney, offering excellent access to the M2 Motorway and the Parramatta CBD,” 

“With the rapid growth in e-commerce, infill industrial markets such as North Rocks are becoming extremely popular with last mile logistics occupiers and investors given the access to major road infrastructure, existing precinct amenity and the access to surrounding blue collar workforce.”

Paul McGlynn, National Director at Colliers Western Sydney office, said “The business park provides opportunities for rental growth in the short term and has always been well received by tenants in the market place due to the central location and functional improvements.  The significant land holding provides value add opportunities in the short to medium term with a range of development outcomes under consideration.

Sean Thomson, Director of Industrial Capital Markets at Colliers, said “Demand for industrial & logistics assets has surged domestically and globally as investors have looked to reweight or increase their weighting to the asset class on the back of the e-commerce boom, which accelerated during the pandemic”.

“An estimated $50 billion of unsatisfied domestic and institutional investor capital is seeking to find a home in Australia's booming industrial property market and expected to drive further yield compression across the market”.

The value of e-commerce has increased exponentially as a result of COVID-19 and the take-up of online retail has gained significant market share on brick-and-mortar retail sales as consumers are forced to buy online. Online retail growth of 55% was recorded in 2020 and compares to growth of 12% just prior to the pandemic. Long term, the structural and cultural shift to online retail is expected to persist as consumers become accustomed to the simplicity of online retail platforms.

Despite the rapid growth of e-commerce in Australia, it still represents only a fraction of total retail spending at ~10% and compares to 26% in the UK and 19% in the US. Colliers Research are forecasting online retail sales to grow to ~14% by 2023 which will result in warehouse demand of 1.8 million sqm between now and then.

The property was successfully transacted through utilising Colliers' dynamic relationships with key local, national, and international buyers.

Related Experts

Gavin Bishop

Managing Director | Industrial


Gavin is the Managing Director of Industrial & Head of Industrial Capital Markets Australia at Colliers, where he has been specialising in industrial property for 21+ years. Based in the Sydney CBD Head Office, Gavin manages a highly successful team of over 120 staff across every state & territory nationally in key industrial and logistics precincts.

Gavin specialises in the national industrial capital markets and has excellent relationships across a broad spectrum of institutional, international and private investors. Over Gavin’s time with Colliers, he has completed hundreds of deals in industrial property, settling over $14 billion in his career to date, and leasing over 400,000sqm. Gavin enjoys a 75% market share of industrial capital markets share in NSW.

Gavin has worked extensively in the sale of industrial portfolios of up to 30 assets in one portfolio. Gavin and his team have sold 24/34 of all industrial portfolios in Australia over the last five years, including the AMP Portfolio ($105m), J.P. Morgan Portfolio ($250m), Altis Portfolio ($342.5m), Qantas Portfolio ($802m) and GIC/Australand Portfolio ($1.073b).

Some major distribution centre sales that Gavin and his team have been involved in over the last two years include, the Calibre, Eastern Creek ($130.1 million), 1 Eucalyptus Place, Eastern Creek ($90.5 million), 3 Roberts Road, Eastern Creek ($253 millions) and 6-20 Clunies Ross Street, Greystanes ($76.6 million)

Gavin has focused on building deep relationships with his clients, providing the latest in-depth information about logistics markets across Australia, which in line with his extensive track record, has seen Gavin achieve record-breaking results for his clients.

Gavin is a long-standing member of the Colliers team, having joined in 2000 as a graduate valuer. Gavin commenced with Colliers as part of their Scholarship Program and he was fortunate to work across multiple service lines and locations across Sydney, before settling in the Industrial team in Sydney South in 2001. Over the last 20 years, Gavin has progressed through the industrial business including managing the Sydney South and Sydney South West offices, before moving into the NSW State Product Director for Industrial in 2010.

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Sean Thomson

Director, Industrial Capital Markets | Industrial


Sean Thomson works for Colliers International as Director of Industrial Capital Markets, Australia, where he specialises in the sale of industrial & logistics assets nationally.

Sean works alongside Gavin Bishop (Head of Industrial Capital Markets, Australia) on a day-to-day basis and holds excellent relationships across a broad spectrum of corporate, private, institutional and international investors.

Having been involved in excess of $14.0 billion of strategic valuation advice, his experience and understanding of the levers which can best maximise value together with the capital markets team’s track record, is integral in achieving the strongest possible result for his clients.

Sean has been involved in many large-scale portfolio divestments including:

  • Qantas Portfolio ($802 million)

  • The Super Core Logistics Portfolio ($186 million)

  • The Greenlit Brands Portfolio ($171 million)

  • Calibre, Eastern Creek ($130 million)

  • The Kaufland Portfolio ($129 million)

  • The AMP Portfolio ($105 million)

Sean holds an unmatched track record in divesting major distribution centres including:

  • The Fairfield Distribtuion Centre ($200 million)

  • Toyota South Sydney ($171 million)

  • 884 Mamre Road, Kemps CReek ($125 million)

  • 59 Lockwood Road, Eastern Creek ($107 million)

  • 37-39 Wentworth Street, Greenacre ($100 million)

  • 1 Eucalyptus Place, Eastern Creek ($91 million)

  • 342 Hammond Road, Dandenong South ($87 million)

Sean has focused on building deep relationships with key global institutional clients, providing the latest in-depth information about the logistics market across Australia, which in-line with his extensive track record, has seen him achieve record-breaking results for his clients.

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Paul McGlynn

National Director | Industrial

Sydney West

Paul is a National Director based in the Parramatta office in Western Sydney.  Paul has worked with Colliers International for over 20 years and has 30 years industry experience  across a range of property classes.

Paul specialises in the industrial and commercail  markets across broader North-Western Sydney with vast experience  in the  sale and leasing of existing facilities, development sites, subdivisions,  investments and the delivery of purpose built pre lease and turn key transactions.

Paul has an established portfolio of private, corporate and institutional clients and is highly recognised in the industry for  consistently maximising outcomes on both sale and lease transactions. His knowledge of the market, negotiation skills and competitive nature leads him to accelerate the success  for his highly valued clients. Paul has an unmatched track record in North Western Sydney and specifically Norwest Business Park and surrounding precincts. 


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Matthew Flynn

Director | Industrial

Sydney West

Matthew has over 21 years’ experience specialising in the sales and leasing of land and existing buildings across Western Sydney.  Over his career Matthew has completed hundreds of sales and leasing appointments – achieving some outstanding results for his Clients.

Matthew is highly regarded for his project management skills, high level of Client focus, and his comprehensive leasing and sales track record throughout Western Sydney.

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