Property developer Garry Brown-Neaves has today formally unveiled a new 18 hectare commercial and industrial precinct within the existing Forrestdale Business Park, bordered by Ranford Road and Alex Wood Drive.
Property developer Garry Brown-Neaves today formally unveiled a new 18-hectare commercial and industrial precinct within the existing Forrestdale Business Park, bordered by Ranford Road and Alex Wood Drive.
Just 800 metres from the recently upgraded Tonkin Highway and 32 kilometres from Central Perth, Precinct 95 presents an array of lot sizes from 1,761 square metres to just over 3ha.
BP has already secured the entry point site to the estate and building will commence within the coming weeks.
Stage 1A of the 18ha has now been launched to the open market; it comprises nine titled industrial lots ranging from 1,897sqm to 3,064sqm, all prominently located along Alex Wood Drive with water, sewerage and power available and ready to be connected.
Prices range from $255 per square metre to $350/sqm, depending on size and location.
The precinct is backed by Brown-Neaves Investments, which was founded by former ABN Group co-owner Garry Brown-Neaves in 2016.
City of Armadale Mayor Henry Zelones, Member for Jandakot Yaz Mubarakai and Mr Brown-Neaves attended the sod turning ceremony this morning.
Mr Brown-Neaves said Precinct 95 would provide valuable economic growth opportunities for the area and create a major employment zone, during construction and into the future.
“Precinct 95 is one of Perth’s most affordable commercial and industrial precincts,” he said.
“We anticipate the potential end value of Precinct 95, once fully developed over the next five to seven years, will be in the vicinity of $200 million.”
Raine & Horne Commercial has been engaged to market the industrial lots and sales agent Jack Divitini said off-market preliminary interest, particularly from developers, had been high due to the value proposition of the land and its close proximity to major arterial roads.
“With Precinct 95’s immediate and convenient access to Kwinana, Fremantle, Perth Airport and other major industrial areas, the market will see great value of fully serviced, level lots being offered at such a low rate of $255 per sqm plus GST,” he said.
“The pricing and what the land offers buyers cannot be achieved anywhere else in Perth, it’s a great opportunity for investors and occupiers to get into an industrial ownership position.”
Stage 1B of Precinct 95 will include commercial lots, which are currently under construction, with Vend Property advising on the sales and leasing.
The Forrestdale Business Park is home to a range of businesses including Bunnings, Puma, Caltex, Hungry Jack’s, Tradelink, MM’s Electrical and Impressions Furniture.
Over the past three years, Forrestdale has transacted more than 11ha of commercial and industrial land over 27 lots totalling more than $26 million, according to Raine&Horne Commercial, with LandCorp’s Crossroads Industrial Estate accounting for 4ha.
Raine & Horne Commercial sales director Anthony Vulinovich said he had seen a positive shift in the industrial market since November last year and this had continued into 2018.
“We expect well priced and well located opportunities will be absorbed quicker this year given the firming in the market and whilst prices are unlikely to increase this year, buyer opportunities will definitely be limited,” he said.
