Leased Bibra Lake industrial complex sells for $9M

A MODERN three-year-old industrial complex leased to the Australian subsidiary of a blue chip international company in the Bibra Lake Industrial Estate has sold for $9,000,000.

The asset at 61 Bushland Ridge came with a 5,244sq m* building area and 8,455sq m* land area and was purchased after a successful expression of interest campaign.

The property was marketed and sold by Ray White Commercial (WA) Sales and Leasing Agent Enrique Reyes.

Mr Reyes said the asset was purchased by a South Australia-based property syndicator that placed the property into an industrial investment trust.

“The yield of 6.6 per cent sets a new benchmark for Perth industrial property as yields start to compress in the Perth industrial market,” he said.

“Sydney and Melbourne have already seen industrial yields between six and 6.5 per cent and this sale will provide a valuer evidence that the Perth Industrial market is now following that national trend.

“The Bibra Lake location is a newer industrial estate that’s well-located to the CBD, Fremantle Port and the freeway system.

“The property is three years old and was a design and construct for Sika Australia Pty Ltd (a subsidiary of the Swiss-based international Sika Group). The initial term of lease was 15 years with two five-year options and annual rent reviews.

“The quality of construction and the quality of the tenant made the property very attractive to the investment market.

“The seller was a private Perth-based property developer and builder with a significant portfolio of industrial properties.”

*Approximately.