This article is from the Australian Property Journal archive
ARROW Capital Partners has snapped up a 3.1-hectare multi-tenanted estate in the heart of Welshpool industrial area for $23.3 million with plans to capitalise on the asset’s frontage Perth’s eastern distributor Orrong Road.
The estate has 19,090 sqm of facilities is on a corner site at 59-87 Pilbara Street. It was acquired with a 2.43 weighted average lease expiry. The estate was developed between the 1970s and 2000 and provides repositioning opportunities. Major tenants include GPC, Forest One, All Pet, DIAB Engineering & Scania.
The off-market transaction was brokered by Matthew Hopkins, Michael Wall and Michael Fenton of Savills on behalf of APIL Group.
Arrow Capital Partners was drawn to the attractive tenant mix and absolute prime location, the agents said, and once they have implemented their planned repositioning works, the estate will be further improved and capitalise the extensive Orrong Road frontage.
Hopkins said that with record-low vacancy levels and strong tenant demand, the estate is ideally positioned for future growth, on completion of the purchasers intended works program.
“Being set in the absolute core of Perth’s primary industrial precinct, the estate is ideally positioned to capitalise on the current rental growth being seen across Perth’s industrial market and low vacancy rates.
“Opportunities to secure tenanted estates in Perth’s core industrial precincts are rare. This property offers repositioning opportunities and an established tenant base to build on.”