The Maddington Road site sold for the first time in close to three decades.
Local investors Jeffrey and Patricia Cunningham have sold a Maddington warehouse for $1.3 million after owning the site for close to three decades.
Alan McKail and Leonie Gardiner bought the fully-leased 2,409 square metre site at 95 Maddington Road in late March, with the property leased to Hetherington Funerals and Super Crystal Carwash on a 5.39 per cent yield.
The funeral provider, which occupies a majority of the site, has two years remaining on the lease.
“We had 31 enquiries, five inspections, and two offers all in the first five days of the campaign,” he said.
“There is a lot of interest for good investment property and investors are willing to sharpen their offers for the right kind of property or tenant.
“This one in particular was attractive because investors know that despite the short remaining term, the tenant is unlikely to move anywhere.”
“Maddington has had plenty of the older style industrial properties being replaced by more modern large industrial buildings,” he said.
“Because of the strategic location and access to Tonkin Highway and Albany Highway, as well as a strong local catchment, Maddington continues to be a growth area.
“Specifically, Kelvin Road is now a key access route for businesses in the area and is where most of the newer developments are happening.”
The City of Gosnells sold the site for $85,000 in 1993.