Highway showrooms promising

HIGHWAY-located industrial properties in recognised showroom precincts continue to show good demand.

There were rentals of $160 to $200 per square metre per annum for 200 to 400 square metre tenancies, according to the latest monthly report by valuation firm Herron Todd White.

The report said this was reflected in the sale of 142 Stirling Highway at the corner of Marita Street, Nedlands, for $975,000 reflecting $660 per square metre with development approval for five showrooms.

A potential development site at 204 Stirling Highway, Claremont sold for $2.37 million comprising a 1970s-built showroom development with three tenancies achieving an income of 4168,500 per annum reflecting a yield of 7.11 per cent.

On the residential front notable sales outlined in the HTW report include a landmark tutor-style residence at 69 South Perth Esplanade for $2.927 million. The substantial residence on an R60 site is suitable for redevelopment with five residential apartments.

Australand has purchased 6.5 hectares of land suitable for a 75-lot subdivision on Wanneroo Road, Medley showing $336,923 per hectare.

A vacant site on Marine Parade, Cottesloe also sold for $1.1 million.

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