CBRE is preparing to offer a fully leased Naval Base industrial asset for sale under instructions from KordaMentha Restructuring.
Situated at 1214 - 1222 Rockingham Road, the A-grade complex is fully leased to a single tenant until November 2023.
CBRE Director, Industrial Services, Geoff Fraser said; “CBRE is excited to offer such a high quality, well situated investment that benefits from its location in one of Perth’s growth corridors. The offering represents exceptional value, with a commencing rental income of $625,000 pa.”
The tenant, Netline Holdings Pty Ltd, is directly related to ICL Transport, who operate from a number of locations in Western Australia and handle over 30,000 containers annually.
The property comprises two substantial warehouses totaling approximately 7,392sqm with side canopies of nearly 2,300sqm. The improvements are situated across two titles, with the total land holding being 19,149sqm.
Mr Fraser said the strength of the tenancy profile and the property’s south-west location would be key attractions for investors.
“Although this industrial corridor has been affected by the downturn in the mining boom we see it playing a major part in our recovery because of its strategic location and surrounding infrastructure,” Mr Fraser noted.
The neighbouring area of Kwinana houses the Kwinana Oil Refinery, which is operated by BP and is the only one of its kind in Western Australia. The suburb is also home to a range of associated petro-chemical companies such as Coogee Chemicals.
Other major facilities include the Kwinana CBH grain loading terminal owned by farmer’s cooperative CBH Group, Australia’s leading grain storage, handling and marketing business. Grain from the facility is also used to supply Primary Energy’s proposed bio-fuel facility in Kwinana.
Mr Fraser added that major new road infrastructure was also planned to service the growth of this area, including the development of Latitude 32 - a 1,400 hectare, master-planned industrial estate which will be one of the largest in Western Australia.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.