Kenwick Tyrepower sold

An interstate investor has bought Kenwick Tyrepower for $2.05 million, with a 10-year lease left on the site.

Benari Commercial Pty Ltd bought the 1696 Albany Highway leased industrial building from Carol and Lyall Bonser in April.

The national tyre company will continue to lease the site for at least the next decade. 

ASIC shows Kennington’s Ganapathi Iychettira Devayya as the director of Benari Commercial.

Ray White Commercial WA agents Josh Sumner and Enrique Reyes negotiated the sale.

“The property offers not only a long-term investment opportunity with a well-established business carrying a national brand, it also has flexibility of use due to its prime street front exposure along Albany Highway, providing more future security for investors,” Mr Sumner said. 

“The property is being leased back by the seller - a well-established Tyrepower business that is one of the best performing stores in WA. 

“The seller is a well-established local business owner-operator that holds strong relations with the local market, as well as the many automotive related businesses in the area, that provide sustainable income for their business.” 

He said the property would generate a 5 per cent yield. 

Mr Reyes said there was a strong market for leased industrial investments.

“The market is very strong for leased investments in the area with most properties that show good return and decent WALE getting sold quickly,” he said. 

“Kenwick, being an older industrial area, is considered to have growth potential with rents quickly catching up to other industrial areas because of the low supply environment across the metro.”