In one of the first major WA industrial leasing deals for 2017, a large property in the sought-after Malaga precinct in Perth’s northern suburbs has been leased by James Condon and Matthew Hopkins of Savills.

Set on a substantial site area of 19,523sq m at 195 and 201 Camboon Road at Malaga, the property has been leased to Access Icon Pty Ltd, a manufacturer and distributor of precast concrete, access cover and grates and pipes and fittings and provider of environmental and engineering services.

The property was secured on a seven-year term commencing from March 2017. The lease details were not disclosed by Savills but is understood to have been struck at annual net rental of approximately $500,000 per annum.

Savills leased the property on behalf of its owner, Georgiou Capital Pty Ltd, the property investment arm of the Georgiou group of companies which housed Georgiou Precast division since 1989. Georgiou is relocating that business to its new state of art facility at Talbot Rd in Hazelmere.

Mr Condon said the Malaga lease represents a significant leasing transaction for existing industrial space in the WA market.

“Established industrial properties of this size and positioning are still a rare commodity in these core locations, even in today’s more difficult market environment,” he said. “This property features a large manufacturing and office facility as well as a huge laydown area of concrete and bitumen hardstand which was highly suitable for the incoming tenants business.”

Mr Hopkins said the Malaga property provided a high-profile corner site with prominent two-street frontage to Camboon Road and Victoria Ave and the benefit of an existing pre-cast approval.

“The 2,644sq m factory with multiple internal and external gantry cranes, complemented by the extensive hardstand area was ideal for the incoming tenants use. Ease of connectivity to Perth’s northern corridor, as well as ongoing upgrades to the Tonkin Highway will position Malaga amongst the accessible industrial locations in the metro area.” he said. “It is just 12km to the Perth CBD and 13km to the Perth International Airport and work on the new Perth to Darwin Highway will be commencing at its doorstep shortly.”

Mr Condon said the Malaga lease is an encouraging sign for the WA industrial market and he expects a further pick-up in activity after the WA State Election. He said the WA industrial sector is also well placed to benefit from renewed strength in the commodity markets, high levels of infrastructure investment in the state, including major new road projects and continued investment in the Australian Marine Complex at Henderson.

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