Wesfarmers sell warehouse

WESFARMERS has sold a major distribution warehouse in Bassendean to a local investment syndicate for $5.7 million.

The property at Lot 11 Jackson Street has a total land area of 3.23 hectares and is leased to Wesfarmers Dalgety Limited for twelve years.

Colliers Jardine industrial director Matthew Lyford said the property featured more than 1,200 square metres of two-level office premises and almost 10,000 square metres of warehouse.

The sale reflected a yield of 9.3 per cent with annual rental returns in excess of $500,000.

Colliers Jardine research manager David Cresp said the Wesfarmers deal was the largest industrial sale to date in 2000 and followed a number of industrial sales of over $5 million during 1999.

Mr Cresp said the sale continued a trend where institutions were outbid for major industrial property by local investors and syndicates.

“While institutions are very keen to secure exposure in the strong WA industrial market they are often being beaten by local investors, particularly for property valued at below $10 million,” Mr Cresp said.

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