WESFARMERS has sold its Sotico timber yards in a deal considered to be the largest industrial site sale of recent years.
Located on the corner of Orrong Road and Pilbara Street, Welshpool, the 16.6 hectare Sotico timber yards property has been sold by tender in two lots.
Lot 5, an area of 3.232ha, was sold to Ross’s Auctions for $3.6 million, or $111/sq m, a record sale price for land of this size in the Welshpool area.
Ross’s Auctions plans to occupy part of the site and lease back the other part to Sotico for operation under the Westwood Timbers banner.
The other 13.4ha land parcel is under an unconditional contract to an undisclosed developer with settlement to occur in January 2004. The sale price is subject to a confidentiality clause.
Colliers International director industrial agency, Wayne Chorley, said the site was the best and most strategic industrial land holding in Western Australia.
“The price achieved for Lot 5 is a record price for a land parcel of this size,” he said.
“It shows the strategic nature of the Welshpool area and the low availability of larger lots in the area.”
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