Experts discuss Western Australia’s industrial property market
Hundreds of people tuned in to listen to the 25th edition of RWC’s Between the Lines webinar today, where our panel of experts discussed Western Australia’s industrial market.
A PRIVATE investor/developer has purchased both 272 and 274 Hay Street in-one-line in East Perth for $4,420,000 following a successful on-market private treaty campaign.
The 1,348sq m* site with 25.59-metre* Hay Street frontage had the potential to be developed to 18 levels with a neighbouring site having already received DA approval for that height.
The property was marketed and sold by Ray White Commercial (WA) Joint Managing Director Stephen Harrison.
“The property was a development site with existing buildings and is surrounded by residential, hotel, and retail developments,” Mr Harrison said.
“There are signs of life in the East Perth property market – there are buyers and good prices are being achieved.
“The buyer was a private family with an affinity for the area and they plan on holding onto and leasing the property back.
“272 Hay Street is currently operating as a supermarket and 274 Hay Street is currently operating as a restaurant. The East Perth market is improving and that is evidenced by this sale.”
*Approximately.
Hundreds of people tuned in to listen to the 25th edition of RWC’s Between the Lines webinar today, where our panel of experts discussed Western Australia’s industrial market.
The Perth retail strip market has seen a notable uptick in occupancy across the eight surveyed areas.