A BLOCK of industrial land in Glen Artney Estate has been knocked down for a record square metre price for the subdivision.
The 9130sqm Goddard Ln block, formerly occupied by collapsed Tamworth metal recycler CMA Recycling, was sold at auction for $685,000 last month.
The company, which went into voluntary administration in August, has made its five Tamworth workers redundant.
The site was bought by an undisclosed local purchaser and will remain as a recycling lot.
Selling agent Richie Thornton from LJ Hooker Tamworth said the sale was a testament to the resilience of the local commercial and industrial market.
“It’s an excellent result and it does show how strong the industrial market is here,” Mr Thornton said.
“It’s been that way for the past decade, despite the post-GFC effect on the residential market.”
He said the demand for commercial and industrial property was being driven by a paucity of stock, with many landholders still enjoying a 10-plus per cent return.
“Those people are reluctant to sell because you can’t get that return elsewhere,” Mr Thornton said.
“All the good properties that come onto the market get snapped up because investors and owner-occupiers are hoping to move in.”