A tenanted industrial property at Maddington in Perth’s south east has been sold by Ray White Commercial Burswood for $1.8million.
The property at 14 Jade Street, Maddington, was sold to a local investor by Michael Fitzgerald and John Perrett of Ray White Commercial Burswood on behalf of local business owners for a yield of approximately eight per cent.
John Perrett said the property was recently leased prior to sale for a four year term with a net rental of $145,000 per annum.
“There is a large appetite in the market for more tenanted industrial property,” he said.
“Therefore, it made sense to put a lease in place and offer the property to our investor base.”
Michael Fitzgerald said the property is strategically located in proximity to Perth’s main arterial roads.
He said it is situated on a site of approximately 3,081 m² and features a substantial hardstand area, 797 m² of quality improvements and more than 42 metres of road frontage exposure. The warehouses are high truss and are well designed and constructed for many industrial uses.
“A recent trend we have observed is the increase of passive investors coming to the market rather than owner occupiers,” he said.
“The buyer for 14 Jade Street was indicative of an investor seeking a secure asset with a long term lease in a strategic, premium location and strong yield, which in turn provides stability in the current market.”