An interstate investor has snapped up a Kenwick Tyrepower for $2.050 million.
Located at 1696 Albany Highway Kenwick, the 2375sqm property was purchased with a 10-year lease back to the Tyrepower franchise.
The property was brought to market by Ray White Commercial WA agents Josh Sumner and Enrique Reyes.
“The property offers not only a long-term investment opportunity with a well-established business carrying a national brand, it also has flexibility of use due to its prime street front exposure along Albany Highway, providing more future security for investors,” Mr Sumner said.
“The property is being leased back by the seller – a well established Tyrepower business that is one of the best performing stores in WA.
“The seller is a well-established local business owner-operator that holds strong relations with the local market, as well as the many automotive related businesses in the area, that provide sustainable income for their business.”
Mr Reyes said the market for leased industrial investments was strong.
“The market is very strong for leased investments in the area with most properties that show good return and decent W.A.L.E getting sold quickly,” he said.
“Kenwick, being an older industrial area, is considered to have growth potential with rents quickly catching up to other industrial areas because of the low supply environment across the metro.”