Randal Humich sells Canning Vale site for $14.8m

Randal Humich, of high-net-worth Perth family the Humiches, has sold a Canning Vale commercial centre for $14.85 million to an east coast investor.

Wally Muhieddine, of Watermont Pty Ltd, bought the 10,365 square metre mixed use site on Batman Road, 25 kilometers south of Perth.

The Humich canning Vale portfolio included a freestanding gym and 13 tenants including City Farmers and DOME, with most tenants in their second or third lease terms.

Andrew Woodley-Page of Axia Corporate Property, who negotiated the deal, said the purchase was part of a spike in sales activity driven by strong interest from east coast investors.

“All asset classes; retail, office, hotel, leisure and commercial sectors continue to be in high demand,” he said.

Mr Woodley-Page added that market conditions were ripe for private investors to sell high performing commercial assets.

“There has never been a better market for private investors to realise premium prices,” he said.

He said the strong performance of the state’s economy means national investors were showing confidence in the WA property market.

The Humich family also owns the Coles Myer CBD retail precinct 712-720 Hay Street Mall, which they bought for $21 million in 1998, as well as office buildings at 2 Kings Park Road.

Intelife Portfolio sells for $4.8m

Axia Corporate Property also negotiated the sale of three properties owned by WA social enterprise group Intelife.

Intelife’s 11 Kirke Street Balcatta premises, comprising 4,046sqm of office, accommodation and warehouse space, sold for $2.97 million to Semeco Holdings Pty Ltd, run by Perth’s John Separovich.

Intelife has leased back its offices in Balcatta for a seven-year term lease.

Its 466sqm showroom unit at 13/200 Winton Road in Joondalup sold for $726,000 to NSW investor Andrew Lyons.

The property is near Lakeside Joondalup Shopping Centre.

In Gosnells, Intelife’s 1,384sqm mixed-use units at 1/10 Fremantle Road sold to Jascott Nominees Pty Ltd, registered under local investors Carolyn Sharbanee, Robert Sceales and Craig Ridley.  

The Gosnells site is exposed to more than 10,000 vehicles each day.