An owner occupier has paid $7.713m for an industrial property at 33-37 Nadine Close, High Wycombe, WA.

The deal was brokered by JLL’s Director, Andrew Fife and Head of Industrial - WA, Nick Goodridge.

The 19,128 square metre site zoned “Industrial Development” allows for future warehousing and distribution, workshop and transport facilities. The property sold at a land rate of $375 per square metre plus GST.

Originally purchased by the seller in 2019 with plans to develop a major transport depot, the site subsequently became excess to their operational needs, with the owners then appointing JLL exclusively to conduct national sale campaign.

The property forms part of the Forrestfield / High Wycombe Industrial Development zone and represents one of the last remaining larger industrial land parcels available within the precinct, which has seen a significant amount of new development over recent years.  

Mr Fife said that given the significant performance of the industrial sector and scarcity of land in the current market we were confident of a strong outcome, however the participation and response from the market, and ultimate pricing certainly did exceed our expectations.

“We fielded over 40 enquiries from a wide range of local and national developers and owner occupiers, which resulted in 9 formal bids being presented, with multiple groups participating in a second round, and ultimately a record result for our client and the area”, he said.

Mr Goodridge said it was no surprise that we had significant interest both locally and nationally from major developer groups looking to take advantage of the surging demand on the ground and very low vacancy rates across the core markets.

“However, as has been the case over the course of the last 12 months, the rise of the owner occupier has seen them outbid developers for core land holdings, and whilst economic fundamentals in WA remain strong with low debt costs, we do not expect this trend to subside anytime soon,” Mr Goodridge said.

To request a sales analysis please contact either of the selling agents JLL’s Director, Andrew Fife and Head of Industrial - WA, Nick Goodridge via the below contact details.