A prime 4,998sqm Ascot corner site has sold for $5.85 million as a going concern to a Singaporean private investor.
Under Instructions from Beck Advisory the deal was negotiated jointly by Brett Wilkins and Chris Matthews of RWC WA and Richard Cash and Sam Hammond of Colliers, acting on behalf of a local WA investor.
The premier gateway site sits on one of Perth’s busiest corridors. With major anchors like Telstra and Avis/Budget locked in, it delivers a solid income of over $282,000 a year, making it a highly lucrative capture for the new investor.
RWC WA Director Brett Wilkins highlighted the asset’s unique commercial appeal and history.
“This property offers the rare ‘occupy, hold or develop’ trifecta. It’s a corner gateway site on one of Perth’s busiest arterials, has traded for years as an established vehicle-hire base, and is a long recognised landmark on the CBD-to-Airport run,” Mr Wilkins said.
“Even though it’s zoned for mixed-use, it has a special approval to run as a vehicle-hire base. That gives the buyer a unique and proven income stream you just can’t find on a standard site, while the underlying zoning leaves the door wide open for major redevelopment down the track.”
With a short WALE of 1.7 years and redevelopment clauses active across all three leases, the property offers immediate holding income alongside massive future upside. Under the Great Eastern Highway Urban Corridor strategy, the green-title site features a 3:1 plot ratio allowing for a mixed use development up to 10 storeys.
Colliers Director Richard Cash noted that the asset’s versatility generated intense competitive interest during the campaign.
“Big, well positioned sites within 8km of the Perth CBD and airport are becoming a rare commodity,” Mr Cash said.
“This zoning upgrade has taken these highway blocks out of their industrial past and turned them into major development hotspots, which is exactly why we’re seeing so much capital flooding in from local and interstate investors.”
The marketing campaign generated intense competition from a diverse pool of buyers. The asset attracted developers looking for a shovel-ready mixed-use corridor opportunity with the flexibility to eventually clear the site, alongside owner-occupiers seeking a high exposure corporate address and passive investors drawn to a blue-chip tenant profile.
In the latest edition of RWC’s Between the Lines, a panel of industry experts mapped out how a massive shift in legislative policy, skyrocketing construction costs, and automation are shaking up both the residential and commercial sectors in the Western Australian market. The webinar was hosted by RWC’s head of research Vanessa Rader, alongside Stephen Harrison, joint … […]
A prominent piece of Fremantle’s architectural history will remain in local hands, after a WA investor secured a landmark 1930s corner building for $2.3 million. The two-storey property at 116 Wray Avenue, situated at the busy intersection of Wray Avenue and Hampton Road, drew intense competition from both interstate and overseas buyers before selling to … […]