06/08/2014 - 10:52

Matilda Bay Brewery site sold for $36m

06/08/2014 - 10:52


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Matilda Bay Brewery site sold for $36m
The former Matilda Bay Brewery site could yield up to 800 apartments.

The former Matilda Bay Brewery site in North Fremantle has been sold to a Chinese development group for $36 million.

The sale was brokered by commercial real estate agency Knight Frank on behalf of the property’s owners, the McGilvray family, who have owned the site since the 1980s.

The identity of the Chinese developer was not disclosed.

Knight Frank managing director John Corbett said the property covered 2.9 hectares with three street frontages.

He said the property had potential to yield a development of up to 60,000 square metres, with up to 800 apartments and additional commercial space the likely outcomes, subject to council approval.

The heritage-listed building that formerly housed the production facility for Matilda Bay Brewing Co was built in 1929 and will need to be incorporated in any development proposal.

The building was a manufacturing facility for Ford Motor Company until 1987, while Matilda Bay set up shop in 1989.

"We had a high level of interest in this property from local and international developers keen to create a landmark development that could take full advantage of the spectacular location,” Mr Corbett said.

Also today, Knight Frank has been appointed to sell or lease a food processing facility at 2 Powell Street, Osborne Park.

The site was previously home to the British Sausage Company.

Knight Frank is offering two adjoining units for a combined price of $1.85 million, or for rent at $125,000 per annum.

The units have a combined area of 925sqm.

“This property would ideally suit someone already in the food processing industry who is looking to owner-occupy or relocate to larger premises,” Knight Frank selling agent Sam Hammond said.

“The property will be sold or leased with vacant possession, so the new owner or tenant could begin operations straight away.”

Meanwhile, commercial real estate agency Burgess Rawson has brokered a five-year lease at the first stage of a new industrial building in Callaway Street, Wangara, to SPX Flow Technology Australia.

SPX will take up 2,100sqm at the site until mid-2019, while it also holds options to extend the lease.

The second stage, comprising a 2,205sqm office warehouse, is available to lease at an annual rate of $276,625.

“The development and recent transaction reflects current market conditions in Wangara where tenants are being more selective about their future commitments but well designed, flexible buildings are getting leased,” Burgess Rawson director Chad Henville said.

Also hitting the market today is a 3,277sqm industrial site at 9 Burns Road in Armadale, offered for sale by Colliers International.

The site has dual street frontages and has an asking price of $699,000, equating to $215/sqm.

Colliers International executive industrial sales and leasing Jeremy Parasiliti said the property was one of the least expensive industrial assets currently available for sale.

Mr Parasiliti said the site's close proximity to the TOnkin, Albany and South West highways would ensure it held appeal for investors, owner-occupiers and developers alike.

"When compared to land being offered in Forrestdale for $260/sqm, this is extremely competitive," he said.

"There is a shortage of industrial land currently available for sale in Armadale and Kelmscott, so we anticipate considerable interest in the property." 


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