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Two ex-Masters hardware sites in Perth have taken just four weeks to sell, highlighting renewed demand for large functional assets south of the CBD.
Savills Australia’s James Condon and Lachlan Webster negotiated the deals for a total of $18.1 million, saying the sites presented an exceptional opportunity to secure prime investments.
“There are no warehouses on the market that provide the quality and scale of these two spaces and significant interest was received from developers, investors and owner-occupiers,” Mr Condon said.
One warehouse, at 7 Sobek Pass in Bibra Lake, sold for $10 million within three weeks of being released to market, while the second warehouse at 600 Ranford Road, Forrestdale, sold for $8.1 million shortly after four weeks.
The sites sold to separate buyers.
Mr Condon said the rapid sale reflected the demand for blue-chip industrial investments.
“Both warehouses have potential to function as entertainment precincts, food or product storage, hardware nurseries or large format retail sites,” he said.
The two assets have air-conditioning, polished concrete floors and more than 300 car bays per site, as well as prime exposure to main arterial roads.
The properties were previously on the market for 12 months, before Savills Australia took over the appointments and was were able to execute the deals following a successful marketing campaign.