Welshpool industrial block sells for $6.5m

Commercial real estate agency Knight Frank has brokered the sale of a 1.6-hectare industrial property in Welshpool for $6.5 million.

The property is located at 110 Kurnall Road and was previously used as a trucking depot.

Knight Frank industrial director Jarrad Grierson said the property was located on Welshpool’s recognised heavy haulage route and, as such, provided exceptional access to road and rail links, as well as the airport.

Mr Grierson said the land, which currently has a basic warehouse facility on site, had effectively sold for land value of around $402 per square metre.

The site was sold to an undisclosed private buyer.

“For such a large landholding this is a very good outcome and shows the confirmed interest of buyers and the underlying value of well-located land in the Welshpool area,” Mr Grierson said.

“The property has a number of redevelopment options, but from a logistics, transport perspective, easily accessible, large vacant lots are very appealing.”

Knight Frank associate director of industrial sales and leasing, Craig Rowe, said the sale showed the continued strength of the owner occupier market for quality industrial properties.

He said the agency was experiencing solid demand from both investors and owner-occupiers for large, flexible landholdings.

Meanwhile, geoscience firm CGG has signed a 2,205sqm lease at 1 Ord Street in West Perth, the largest office commitment to date in the suburb in 2014.

The deal, which is for 10 years over three levels, will ensure the newly-constructed building is fully tenanted.

CBRE’s office services director Luke Bray brokered the transaction.

Mr Bray said CGG was attracted to the building’s location, which is close to the main oil and gas players in the west end of the CBD.

“They are also taking advantage of the building’s high-profile location by taking out the exclusive signage rights, with plans to install illuminated signage,” he said.