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.”
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