Two Perth industrial assets sold for $21.7 million - JLL

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Feb 13, 2024

Two Perth industrial assets sold for $21.7 million - JLL

Two major Perth bus depot’s sold by JLL’s Matt Brunsdon, Chris Monterosso and Brett Mathanda. 279 Bannister Road Canning Vale sold for $16 million and 14 Rothschild Place Midvale sold for $5.7 million.

L to R: Matt Brunsdon JLL, Brett Mathanda JLL and Chris Monterosso JLL,
Sold by JLL, 279 Bannister Road, Canning Vale and 14 Rothschild Place, Midvale. Both properties operate as a major Bus Depots.
Sold by JLL, 279 Bannister Road, Canning Vale and 14 Rothschild Place, Midvale. Both properties operate as a major Bus Depots.

Two unique Perth industrial assets located in Canning Vale and Midvale have new owners for the first time in over 20 years.

JLL’s Matt Brunsdon, Chris Monterosso and Brett Mathanda brokered the sale of 279 Bannister Road, Canning Vale and 14 Rothschild Place, Midvale. Both properties operate as a major Bus Depots.

Canning Vale sold for $16,000,000, while the Midvale property sold for $5,700,000.

The Canning Vale and Midvale industrial portfolio boasts a unique combination of prime location, scale and low site cover providing future expansion opportunity. These properties were highly sought after by investors and industrial occupiers alike due to the distinct lack of recent on market opportunities.

Matt Brunsdon, JLL Head of Logistics and Industrial said “There was strong demand for both assets, with the investment opportunity generating over 40 enquiries and with multiple offers received, resulting in both properties selling prior to the campaign close date.”

The Canning Vale site sits on a significant landholding of 3.2ha, with a 1.5 year lease tail, sold on a 7.34% initial yield reflecting $492/sqm land rate.

The Midvale property totals approx. 9,200sqm with a five year WALE, attracting a 6.02 per cent yield and $620/sqm on land.

Chris Monterosso, JLL Associate Director, Logistics and Industrial said, “The existing improvements, unprecedented exposure to Roe Hwy and location was well suited to transport and heavy equipment based occupiers, with holding income and low site cover providing value and optionality.

Brett Mathanda, JLL Director Logistics & Industrial said, “Industrial rental growth is anticipated to continue its upward momentum going forward, driven by strong demand and scarcity in supply.”