Canning Vale industrial investment sells for $4.1 million

A Canning Vale industrial property has been sold to a local investor for $4.1 million. Located at 42-44 Wittenberg Drive, the 4,538sqm property has been leased to Kemp Engineering for the past decade, selling at a 5.85 percent yield.

The site comprises a 1,800sqm hardstand, a 1,230sqm high-truss workshop, 208sqm of office space, plus 176sqm of amenities.

It was marketed by RWC WA agents Michael Danagher, Tom Jones, and Lachlan Burrows on behalf of a local private investor who was looking to divest himself of some of his commercial property assets in a strong industrial market.

“Strategically located in close proximity to the Roe Highway transport route, its excellent infrastructure and advantageous location ensure a consistent income stream, as the property has never experienced a vacancy since its construction,” Mr Danagher said.

“The property was purchased by a local investor who may have a future use for the building himself”

Mr Jones said the property received plenty of interest throughout the expressions of interest campaign.

“Industrial investments continue to go from strength to strength in all industrial catchments in Perth,” he said. “The market is being driven along both by owner-occupiers and investors who can see rising yields and future capital growth resulting from the increasing rents that are in evidence in all industrial property areas in WA”

“We received over 60 enquiries and sold the property cash /unconditional before the third week of the EOI campaign.”