Continental inks five-year lease deal in Perth’s North

CONTINENTAL has inked a five-year lease deal at 50 Triumph Avenue in Wangara for $360,000 per annum.

The asset, which came with a 3,697sq m* building area on 7,599sq m* of land, was originally occupied by i-Tech 7 Australia – a subsidiary of Subsea 7 – but required a tenant to take over their lease.

The property was marketed and leased by Ray White Commercial (WA) Sales and Leasing Executives Lachlan Burrows and Tom Jones.

“This is one of the most prestigious industrial properties in the Northern Corridor. It really is a high-quality industry facility complete with 12-metre truss, 36-tonne gantry crane, and excess hardstand,” Mr Burrows said.

“It was purpose-built for i-Tech 7 who executed a 10-year lease. They then broke the lease early as they closed  the Australian division, and we were able to source the tenant in a short time frame.”

“There’s high demand for A-grade industrial facilities. We received multiple enquiries on the property over the short marketing campaign and the final tenant was secured with very little price negotiation and no incentives on a five-year lease,” Mr Jones said.

“There’s no doubt that in comparison with surrounding developments, this one is of exceptional quality, and that was evidenced in the strong enquiry.”

*Approximately.