A premium-grade industrial facility in the established north-eastern industrial precinct of Bayswater has been acquired by an eastern states based owner occupier for $10,600,000.

After an extensive leasing campaign, and strong interest from a range of tenants, JLL’s Logistics & Industrial Associate Director, Ross Palframan successfully brokered the off-market deal at 20 Wicks Street, Bayswater, as the lack of existing industrial facilities in WA continues, fueled by improved access to capital driving a resurgence of owner-occupier demand.

The architecturally designed industrial facility, constructed by Perth-based construction company – Prada Constructions will be the newly expanded headquarters for Tempe Tyres, one of Australia’s largest suppliers and retailers of tyres and wheels.

20 Wicks Street is situated within the Tonkin Highway Industrial Estate and occupies a strategic dual street frontage 8,041sqm site with 3,853sqm of premium grade industrial improvements. The property has immediate access to Tonkin Highway, Collier Road and Guildford Road.

Mr Palframan said, “The past few years of the pandemic has changed the landscape for the industrial property sector, making it a beneficiary from the boom in online retail. As the eCommerce tailwind continues, this is fueling greater demand for efficient logistics facilities.”

“Rapidly growing e-commerce sales is the primary driver of this trend, and the growth in online retail and changing customer expectations has created fundamental structural change in the demand for industrial property.”

“The sale of 20 Wicks Street reinforces this global thematic and echoes current market conditions in Western Australia. Tempe Tyres, one of Australia’s largest online retailers of tyres and wheels had limited options in terms of existing built form facilities that it could acquire and occupy within a short time frame. Despite the property not being marketed for sale, the overall land scarcity and lack of existing facilities within the current market meant the property was a unique opportunity that was unlocked off-market,” Mr Palframan added.  

Owner and builder, Prada Constructions Managing Director, Michael Taddei said, “When the release of industrial land became available in the Tonkin Highway Industrial Estate, we identified this as a strategic, sought-after location for a speculative industrial development, due to the major upgrades of the Tonkin Highway, supporting infrastructure and the close proximity to Perth Airport.  

“Understanding corporate business is our priority when designing our buildings. We knew this development was likely to attract an occupier that had high traffic flow from heavy loaded freight trucks. Working with the land developer we adjusted the plan and adapted the site to support truck access and vehicle flow.  The dual road access is a highly functional design element, as it supports the efficiency of inbound and outbound distribution.

“Future proofing our buildings is another crucial element that Prada Constructions invests in, providing future occupiers the security that the building will give their business longevity that will support future growth and expansion,” Mr Taddei added.

To request a sales analysis please contact the selling agent JLL’s Logistics & Industrial Associate Director, Ross Palframan via the below contact details.