The Canning Highway property has sold for a record yield to a local investor.
A Mount Pleasant car wash has sold to a local investor for $5.9 million, with the sale achieving a record yield of 1.6 per cent.
Brian McCubbing, of Nedlands, has purchased the property that contains Canning Bridge Super Car Wash at 909 Canning Highway from Julie Ridge, RP data shows.
The car wash sits on a 1,500 square metre site with self-service and automatic facilities.
Australian Securities and Investments Commission documents show that Mr McCubbing is the director and sole shareholder of BMC Properties (Australia) Pty Ltd.
He is also the director and owner of Canning Bridge Superwash Pty Ltd.
Burgess Rawson WA’s by Richard Giorgi, Anthony Hondros and Christopher Carcione brokered the deal for the Canning Highway property.
“This result highlights the continued strength of demand for high-quality commercial assets in tightly held locations,” Mr Giorgi said.
Yield is calculated as rental income over the price of a property, and therefore has an inverse relationship with value.
