A fully-leased industrial site in the heart of Canning Vale has sold for $5.5 million, with a 5.5 per cent yield, in an off-market deal.
Located at 31-33 Catalano Road, the 8002sqm site was sold to a local investor after being owned by a Victorian investor for more than 15 years.
The is currently leased by a local business with a 10-year lease.
Ray White Commercial WA listing agent Josh Sumner said the property was a rare opportunity to secure a long term lease with a strong local tenant in a large industrial site with very good access in one of Perth’s most sought after industrial precincts.
“The combination of the building area, excess hardstand, cranes, and just the right size of office to warehouse ratio makes it a very usable property,” Mr Sumner said.
“All this on top of the value of the lease covenant allowed Ray White Commercial WA to bring out multiple offers from the market.”
Ray White Commercial WA agent Enrique Reyes said Canning Vale had always been a tightly held area.
“It’s regarded as one of Perth’s premium industrial areas,” Mr Reyes said.
“The demand in the area has increased significantly for the last 12 months and is likely to continue in the same trend in the next few years.”