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.
The Gateway Commercial strata building has sold in one line for $6.4 million.
The sale was successfully concluded by selling agents Stephen Harrison and Michael Milne of RWC WA, in collaboration with private agent Cooper Egan after an expansive public EOI sale process.
Located at 148a Adelaide Terrace and extending through to 199 Hay Street, East Perth, RWC WA represented the entire strata ownership of this 32 strata lot scheme to unlock a gross building area of 3,400sqm building with 110 car parking bays.
RWC WA joint managing director Stephen Harrison said the property was purchased by a private local developer.
“The buyers plan to convert the building to a storage unit facility to be operated by Storage King,” Mr Harrison said.
“East Perth is Western Australia’s highest density precinct, creating high demand for storage units.”
RWC WA senior advisor Michael Milne confirmed the expressions of interest campaign had successfully yielded multiple cash and unconditional buyers.
“This building had been sitting largely vacant for nearly 10 years and had previously been promoted by other agencies without success,” Mr Milne said
“We were delighted to successfully conclude a sale that enables the reactivation of this building.”
By Cassandra Glover – Media Advisor
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.