- Acquired for $31.5M
- Sale and leaseback to McMahon Burnett
- National Pump & Energy also lease part of the property
Atlis Property Partners have acquired a 9.01-hectare property at Lots 59 and 403 Bushmead Road in Hazelmere from McMahon Burnett Transport.
Sold for $31.5 million, the acquisition marks Atlis’ first foray into the West Australian industrial market.
The off-market transaction consists of a sale and leaseback to McMahon Burnett Transport. The leased portion of the site will provide holding income while Atlis said it intends to develop and hold a circa 13,000 square metre A grade logistics facility on the vacant 2.86 hectares of the site.
National Pump & Energy also leases 6,767 square metres of the property, consisting of two office and warehouse facilities.
Knight Frank’s Tom Iredell said: “Institutional buyers are increasingly being drawn to Perth partially due to the historically low yields on the east coast forcing interstate buyers to look west in search of higher returns.
“A number of major government-backed infrastructure projects are set to enhance capital growth in key industrial precincts, contributing to the overall positive sentiment for Perth located industrial assets.
Mr Iredell added that “The two existing tenancies will provide the buyer with substantial holding income, while a development on the unused portion of the site is built.”
“With Perth’s industrial market experiencing historically low vacancy rates and continued tenant demand, this site is well placed to capitalise on forecasted rental growth moving forward.
“It is located close to transport hubs, and nearby road upgrades will soon provide a direct link between Hazelmere and the Perth Airport precinct.”
The transaction was negotiated by Tom Iredell of Knight Frank in conjunction with Mal Ashton of Regents Commercial.
