07/12/2004 - 21:00

$10m land sale at Access Park

07/12/2004 - 21:00

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$10m land sale at Access Park

LANDCORP last week sold a 16-hectare parcel in the second stage of its Access Park Forestfield industrial estate for $10 million.

Only 3ha now remain in stage two, which is being developed into five lots.

LandCorp business manager industrial, John Hackett, said the 42ha estate said the unnamed buyer’s decision to establish at Access Park confirmed LandCorp’s decision to develop the site to meet the needs of Perth’s transport sector.

“It complements other transport-related companies who have bought land in the estate, such as Toll Ipec, Force Equipment and the Ridolfo Group,” Mr Hackett told WA Business News.

“Its proximity and ease of access to major transport links, including Perth Airport, interstate rail and major intra-state and interstate road routes makes it attractive to companies in the freight and logistics sector.

“The sale highlights how the market has moved in the last two years – at $66 a square metre it compares with the sale in May this year of an 18-hectare site in Canning Vale by Woolworths for $42 per square metre.

“It also compares with sales of smaller lots within Access Park, which are now realising prices in excess of $95 per square metre, so I see this as a good price for both parties.”

He said the market for industrial land had recovered significantly during the past 18 months, which was reflected in LandCorp’s industrial land sales for 2003-04 of $33 million, 49 per cent ahead of target.

“A major contributor to that has been the success of Access Park, which, after being affected by the market slump when it was first released in 2001, has attracted strong sales through 2003 and 2004,” Mr Hackett said.

Colliers International research manager David Cresp said LandCorp was responsible for the sale of 32 per cent of industrial sales bigger than a hectare in Western Australia.

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