A private eastern state’s based group has acquired a multi-tenanted industrial office and warehouse complex situated at 10 Karratha Street in Welshpool, Perth's leading industrial submarket for $3,050,000 at an impressive initial yield of 4.4%.
The property, held as freehold, features a varied income portfolio and is fully leased to high-quality tenants and was sold through Cushman & Wakefield Industrial Executives Alec Di Lollo and Emma Quill.
The campaign garnered substantial interest from both local and national investors, resulting in over 80 inquiries and the submission of eight offers at the conclusion of the formal bidding process.
According to Cushman & Wakefield’s Alec Di Lollo, "The competitive bidding process showcased a blend of speculative owner-occupiers with medium-term occupation strategies and national investors. This underscores the depth of the investment market, particularly in the sub $5 million price range for core opportunities."
Despite ongoing adjustments in the investment landscape, Cushman & Wakefield’s sales team indicated a sustained interest in Western Australia. Emma Quill remarked, “The rising cost of debt and fluctuations in interest rates have led to a more cautious investment environment throughout 2023; however, investor interest remains robust in WA. This latest sale clearly reflects the resilience and attractiveness of well-positioned properties with growth potential.”