Klen International HQ sells for $5.2m

A Wanneroo building tenanted by manufacturing company Klen International has sold for $5.2 million, following a private treaty campaign run by Ray White Commercial.

Perth investor Richard Eadie, on behalf of DND Properties, purchased the freehold of Klen International’s HQ, located at 36 Hemisphere Street in Neerabup.

Klen International, a subsidiary of American company Avantor Performance Materials, specialises in the manufacturing of fire assay fluxes to the mining and geochemical assay laboratory markets worldwide.

The company’s Perth HQ sits on 8,329 square metres of land, comprising a 3,419sqm building housing a main office, warehouse, warehouse office, and a laboratory.

Ray White Commercial WA property adviser Brett Wilkins marketed and sold the property, and said the asset had been purpose-built for Klen, with the foundations for a second floor already built.

“There are four and a half years remaining on the current lease with a five-year option and the asset was sold on a 7.9 per cent yield,” Mr Wilkins said.

“The area itself is a new industrial precinct that’s slowly being built out, with the freeway extension and land prices making this an attractive industrial location.”