Leading Western Australian property fund manager, Westbridge Funds Management, has completed the sale of its Baile Road Syndicate’s single asset – 50 Baile Road, located in Canning Vale, Western  Australia – for $12.3 million. 

Westbridge originally purchased the asset in June 2005 for $4.8 million. Factoring in capital uplift and income distributions, the Syndicate will have delivered a 517% total return, or 14.6% Internal Rate of Return (IRR) per annum, to Westbridge investors over its 20-year  life. 

50 Baile Road comprises a 15,289sqm lot with a high-bay warehouse and office facilities in the heart  of the Canning Vale industrial precinct – one of Perth’s premium industrial locations – just 19km south  of the Perth CBD,18km east of the Fremantle Port and 15km west of the Kewdale Freight Terminal.  

By leveraging unprecedented demand for quality, well-located WA industrial stock, Westbridge has  delivered significant capital growth and rental upside for syndicate investors. 

The asset sale was brokered by Nick Goodridge, Head of Industrial & Logistics (WA) at Cushman &  Wakefield. Westbridge’s Head of Commercial Funds, Alex Lambert, said: 

“We’re very pleased with the results of this sale, which demonstrate the continued demand we’re  seeing for well-located industrial assets in WA, as well as the success of our rental strategy for this  asset.” 

“We secured a great outcome from a market rent review on the asset in November 2023, which saw  the rents adjusted to market following consecutive periods of rental growth. 

“Knight Frank’s industrial report highlighted year-on-year prime rental growth of 9.6% in Perth in Q2 2023, with secondary rental growth of 12%. 

“Following this result and the attractive positioning it underpinned for the asset, we felt it was the right  time for divestment to capitalise on returns for our investors.” 

Chairman of Westbridge, Damian Collins, said: “Nearly 20 years ago our Baile Road Syndicate investors placed their trust in the Westridge team, and  we are delighted to deliver a 517% total return, providing a strong exit to the Syndicate.”

“The sale of 50 Baile Road follows Westbridge’s recent divestment of 3 & 5 Marchesi Street in  Kewdale – one of the three assets held in the fund manager’s shorter-term Fund, the Westbridge  Industrial Total Return Fund.  

“Completed on 10 June, the asset was sold to an owner-occupier buyer for $10.8 million, delivering  an uplift of 33% on the asset’s purchase price just 16 months prior. 

“These outstanding outcomes are testament to Westbridge’s deep knowledge of the WA industrial  property market, and the team’s strong commercial acumen in bringing our fund management  strategies to life.”