A 15,100sqm industrial site in Perth’s northern corridor has changed hands for $7 million.
In the highly sought-after industrial precinct of Malaga, 380 Victoria Road was sold on an initial yield of 8.57% to a local fund manager.
The site has existing improvements of 8,435sqm and offers a WALE of 9.5 years across two tenants.
Its location near the recently-upgraded Reid/Tonkin Highway interchange offers unprecedented access to the Northlink WA extension.
CBRE’s Tom Iredell managed the Expressions of Interest campaign in conjunction with Jarrad Grierson for the vendor, with the sale involving a partial leaseback.
“CBRE’s involvement spanned more than 12 months and included leasing up the vacant portion of the site to Turfcare WA in an off-market transaction, structuring a leaseback on the balance of the site with the vendor and successfully marketing the property for sale as a fully-leased investment,” Mr Iredell said.
“The buyer saw value in the property’s locational characteristics, attractive initial yield, long WALE and long-term value-add development potential.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
