07/04/2009 - 11:31

Balcatta property sold for over $7m

07/04/2009 - 11:31

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A shortage of industrial land throughout Perth has both national and international companies considering a relocation to Balcatta as an industrial site is sold for more than $7 million.

A shortage of industrial land throughout Perth has both national and international companies considering a relocation to Balcatta as an industrial site is sold for more than $7 million.

CB Richard Ellis Group said it sold the landmark factory site, located on 163 Balcatta Road, for $7.65 million.

CBRE Associate Director Geoff Fraser negotiated the sale of the 10,326 square metre site on behalf of a consortium involving investment group Jedan Pty Ltd.

Mr Fraser said the site was a strategic corner site which offered redevelopment and subdivision potential.

The property presently incorporates a 3310 square metre factory, however there is a a current development approval in a place for a state-of-the-art, two level storage facility.

Mr Fraser said the drive through facility would offer approximately 500 spaces, or 4,750 square metres of net lettable area, in what was presently an undersupplied market.

"Balcatta is recognised as one of Perth's premier industrial estates, offering a mix of large office/warehouse showrooms and strata factory units, 10 kilometres north of the CBD," Mr Faser said.

"A shortage of industrially zoned land throughout the entire Perth market has resulted in an increase in demand from both national and international companies who are considering relocating to Balcatta, which is already home to prominent businesses such as Bunnings, Berry, ERG and Metcash. "

Mr Fraser said land in the area was tightly held, with only a handful of sales in recent years.

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