15 hodgson way kewdale sold for 5.7 million dollars
The Kewdale warehouse was sold for 5.7 million dollars to a state-wide transport and logistics company. Image: Supplied.
  • The property is noted as underdeveloped
  • A 725sqm building sits on a 9,051sqm site
  • The price equates to $629 per sqm on land value

A state-wide transport and logistics business has acquired the 15 Hodgson Way property for $5.7 million from a private investor.

The property was offered as one lot, however, the owner was also offering a possible subdivision of two lots, circa 4,525 square metres each (STCA).

A lease is also in place for the warehouse until 21 February 2024, bringing an income of $175,048 per annum plus GST and outgoings.

Located in Perth’s eastern suburb of Kewdale, the 9,051 square metre site includes a 725 square metre building, and was noted as ‘underdeveloped’. The transport and logistics business is planning to move from its current Welshpool location, which it currently rents.

The deal was negotiated by Knight Frank‘s Tom Iredell.

“The WA industrial market is experiencing sustained levels of historically high tenant demand coupled with limited leasing opportunities leading to growing rents, which is in turn pushing tenants to owner occupation and placing upward pressure on land values,” said Iredell.

15 hodgson way kewdale sold by private investor
The owner-occupier acquisition comes as rents continue to soar. Image: Supplied.

Iredell said the purchase price equates to a strong rate of $629 per square metre on land value, and that, “This property had the added bonus of being underdeveloped, giving the buyer the opportunity to further develop the site and add value.”

The warehouse is also located in an excellent position, with frontage and exposure to Abernethy Road, and close proximity to Leach and Tonkin Highways.

“Perth’s eastern logistics corridor remains the most tightly-held industrial precinct in Western Australia due to its unrivalled major transport route connectivity and proximity to the Perth Airport, Kewdale Freight Terminal and Perth CBD.”

The property was listed for sale by Burgess Rawson.

Medical centre with ASX-listed tenant hits the market

A medical centre located at 9 Brown Avenue in Naval Base will hit the market this week.

The property is leased to an ASX-listed tenant, Sonic HealthPlus, and consists of a building with 615 square metres of net lettable area on 2,585 square metres of land.

The centre is being sold by Ross Smith Nominees P/L via an Offers to Purchase campaign run by Cory Dell’Olio and Tony Delich of Knight Frank.

9 Brown Avenue, Naval Base
The Sonic HealthPlus leased property is coming to market. Image: Supplied.

The fully-leased property is expected to sell for a price in line with a circa 6% yield, with the passing net rent from the asset being $241,232 per annum.

Dell’Olio said the current lease is in place until 2027, with a further five-year option remaining.

“Medical assets remain one of the most tightly held sectors of the WA market and there is very little opportunity to secure quality medical centres with such strong covenants,” said Dell’Olio.

“We are expecting a strong response to the property hitting the market.”

Delich added that “Businesses such as Alcoa, CSBP, Fremantle Ports, BGC, BP Kwinana Terminal and many others neighbour the centre, providing a huge client base for the medical centre’s ‘Occupational Health Services’, being one of its main sources of income.”

“Services such as drug and alcohol tests, employment medicals, specialised medicals, physiotherapy, injury rehabilitation and much more give the centre a strong patient base, along with the fact that it is the only medical centre within Western Australis’s major industrial precinct of Naval Base and Kwinana.”

The campaign closes on Thursday, 27 July, unless sold prior.

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