This article is from the Australian Property Journal archive
MACARRTHURCOOK Industrial Property Trust has benefited from the booming Western Australian economy, which has driven up the price and rent of the trust's asset.
The trust’s warehouse and distribution property at Canning Vale has realised a 19% increase in market rent following review.
The market rent was agreed at a rate of just above $63 per sqm for modern industrial premises extending to approximately 15,200 sqm. The lease expires at the end of October 2011.
The trust’s’ fund manager Cathy Ciurlino said the combination of a booming economy and industrial land shortage had meant that properties such as MacarthurCook’s Canning Vale holding were in strong demand.
The Canning Vale property was revalued last year from $9.75 million to $12 million. As at December 2006, the trust’s 14 property assets in five states were worth a total of more than $156 million.
Australian Property Journal