21/07/2010 - 15:20

Primewest to develop bulky goods centre

21/07/2010 - 15:20

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Booragoon's Norma Road will become home to a 24-warehouse bulky goods centre under plans announced by WA-based property syndicator and developer Primewest Management.

Primewest to develop bulky goods centre

Booragoon's Norma Road will become home to a 24-warehouse bulky goods centre under plans announced by WA-based property syndicator and developer Primewest Management.

The $19 million development will be built adjacent to the Leach Highway Primewest-developed commercial and retail precinct, Primewest Melville, which is home to JB Hi-fi, Spotlight, BCF, Sony and Fitness First.

Primewest director David Schwartz said he expected high levels of interest from owner-occupiers seeking access to a significant retail and commercial hub.

"With a quality fit-out in place, access to major arterial highways and strategically located to benefit from the regional commercial hub, we expect to see strong demand for the units," Mr Schwartz said.

The 19,691 square metre site will comprise warehouse office space of up to 180sqm and showroom offices of up to 262sqm.

Mr Schwartz said the development fit into Primewest's strategy of purchasing assets where the company's directors believed they could add value.

"In line with our active investment strategy, we purchased the site in 2007 with a view to developing high quality units, encompassing office, warehouse and showroom space across the bulky retail development site," Mr Schwartz said.

"We already have received strong interest with four units under offer before marketing has even commenced, indicating strong levels of demand."

Nationally there are some 55 Primewest property syndicates, managing property assets worth in excess of $1.4 billion.

The development is expected to be completed mid-2011.

 

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