An interstate owner occupier has snapped up a Kewdale industrial property for a record $4.5 million. 

Located at 5 Kingscote Street, the 4,881sqm site comprises 1,323sqm of building. 

The property was brought to market by RWC WA agents Chris Matthews and Liam Pittaway on behalf of a local investor. 

“The property is well positioned within the eastern corridor, very close to Perth Airport and only 11km from the CBD,” Mr Matthews said. 

“The property was purchased by an owner occupier from Tasmania who is looking to expand their business to Western Australia.” 

He said after more than 20 years in the industrial real estate sector he had not seen such unprecedented demand.

“Throughout the five week campaign we received more than 50 inquiries, held 15 inspections, and received a healthy amount of expressions of interest,” Mr Matthews said. 

Mr Pittaway said this sale represented a new record for the area. 

“In the current market, properties like Kingscote are becoming more and more scarce, which tied in with high levels of demand is driving prices up further with each new sale,” he said. 

“This sale reflects a rate per square metre of $3,401/sqm on building and $922/sqm on improved land, representing another record and a new benchmark for the area.” 

Interstate industrial buyer expands business to Western Australia - RWC