18/11/2010 - 00:00

Stockyards sets up blue-chip Hazelmere estate

18/11/2010 - 00:00

Bookmark

Save articles for future reference.

HAZELMERE is emerging as a major site in Perth’s industrial land market, after Coca-Cola Amatil signed a 10-year lease to join blue-chip tenants Toll IPEC and MTU Detroit Diesel at Goodman International’s Stockyards Industrial Estate.

Stockyards sets up blue-chip Hazelmere estate

HAZELMERE is emerging as a major site in Perth’s industrial land market, after Coca-Cola Amatil signed a 10-year lease to join blue-chip tenants Toll IPEC and MTU Detroit Diesel at Goodman International’s Stockyards Industrial Estate.

CCA plans to establish a distribution centre at Stockyards, with 40,000 square metres of the 88,878sqm site to become an office/warehouse facility, and a further 20,000sqm set aside for future expansion.

The development has an expected completion value of approximately $60 million.

The deal brings Stockyards to 70 per cent occupancy, with just four lots comprising a total area of 77,709sqm remaining on the market.

Colliers International industrial agency director Wayne Chorley said the CCA deal was the biggest industrial leasing deal done on freehold land in Perth in terms of area, in the past 25 to 30 years.

Mr Chorley said the Stockyards estate had acted as a “lynchpin” for the emergence of Hazelmere as a leading industrial location.

“Hazelmere will become the next Kewdale, it’s a logical extension of that area and given its road network and its proximity to rail, it’s very well placed to become a major industrial hot spot,” Mr Chorley told WA Business News.

“Up until Goodman’s Stockyards, it was an area dominated by BGC and the big mining companies.

“Since they bought Stockyards the whole area has taken a quantum leap in terms of the quality of buildings.

“The Toll IPEC facility that’s just opened, and MTU Detroit Diesel’s new base, they would be two of the best industrial properties built in Perth in recent times, in terms of quality and appearance. The Coke property will be no different.”

Mr Chorley said a lack of good quality large warehouse space available for lease would result in upwards pressure on land values and industrial rents over the next 12 to 24 months.

Jones Lang LaSalle’s National Director of Industrial Services, Richard Parry, confirmed that demand and inquiry levels for industrial land in Perth had increased significantly in the last three months.

“Securely leased investment properties are always in demand and whilst stock is still reasonably difficult to secure, well leased investment properties will always sell on relatively tight yields,” Mr Parry said.

“Total new warehouse supply this year is anticipated to be about 30 per cent below the long term average which will make it the lowest on record since 2004.

“This will place upward pressure on prices and rents, particularly as tenants emerge from the effects of the GFC combined with the downstream impact of WA’s strong minerals and energy exports as well as capital expenditure investment.”

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options