This article is from the Australian Property Journal archive
MEDICINAL cannabis company AusCann Group Holdings Limited has picked up a 3,500 sqm warehouse in Wangara from Mair Property Funds for $5.25 million, significantly higher than the valuation.
AusCann acquired the northern Perth property at 11 Excellence Drive in a direct deal, and intends to invest up to $6 million to develop a new state-of-the-art research and development facility for its pharmaceutical program.
MPF had acquired the facility in 2012 as part of the multi-asset MPF Property Trust 1.
MPF managing director David Ellwood, said the sale represented an excellent price for the property and was significantly above its last valuation.
He said the property’s location and visibility from the high volume traffic of Hartman drive is well suited to the needs of new industries and emerging markets.
“The modern tilt panel warehouse complex benefits from a number of modern aspects including well-specified offices, good truss heights and full drive-around access within a secure self-contained facility, making it easily adaptable to the needs of the new owners.
“This is always an important aspect in our initial selection criteria, and we are constantly monitoring the market to identify emerging trends and future uses that may impact the building design and physical needs of prospective occupiers and drive future demand within the industrial space,” he said.
Australian Property Journal
