This article is from the Australian Property Journal archive
THE Western Australian government’s transport authority has paid nearly $30 million to acquire a 4.29-hectare site opposite the Royal Fremantle Golf Course in the state’s largest sale for an industrial landholding in 2024.
The 144 Carrington Street property received multiple offers during the campaign managed by Colliers’ Richard Cash and Sam Hammond, together with RWC WA’s Brett Wilkins and Stephen Harrison.
The agents told Australian Property Journal that the sale price was $29.81 million including GST and confirmed that the Public Transport Authority was the purchaser.
“The high level of interest and competitive bidding underscore the property’s exceptional value and strategic importance,” Hammond said.
“This sale not only highlights the robust demand for prime industrial land but also reflects the confidence investors have in the potential for growth and development in this sector.”
Cash said the property was a highly desirable development site with multiple uses.
Wilkins said the transaction is a “clear indicator of the robust market conditions we are currently experiencing”.
“The successful acquisition by a local owner-occupier highlights the ongoing trend of businesses seeking to secure key industrial sites for their operational needs, further tightening the supply of quality industrial land in Perth.”
Perth’s industrial and logistics market has demand significantly outpacing supply in recent years, and the resource sector’s influence on the state economy can mean greater volatility in the delivery of new supply compared to east coast markets.
Competition from owner occupiers, rather than developers, for core development opportunities has also impacted supply levels.
“The market tightness is likely to persist with a limited release of future supply. Strategic forward planning will be essential for maintaining operational excellence and securing land sites for expansion plans for businesses,” Hammond said.
