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Primewest spends $7.5m in Rockingham

PROPERTY developer and syndicator, Primewest, has paid $7.5 million to secure a bulky goods complex on Dixon Road in Rockingham, anchored by retailer Spotlight. The latest deal follows Primewest’s acquisition of the Country Road building in the Perth CBD for $12.5 million last year and the $57 million purchase of a major site in Bibra Lake. The Bibra Lake site is earmarked for a business park and bulky goods development. CB Richard Ellis regional director, retail bulky goods, Jeff Klopper, negotiated the sale of the complex, which was recently offered for sale by Becton as part of a sevenproperty portfolio. Mr Klopper said major infrastructure projects such as the Perth-Mandurah railway and extension of the Kwinana freeway would benefit the Rockingham area, with the latest census numbers forecasting the population will double in size in the next 10 years. Primewest has bought the property on an initial yield of about 7 per cent, based on passing net income of $532,328 per annum. Spotlight occupies more than half of the complex, an area of 2,776 square metres.

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