Corval sheds Perth investment
Corval has sold a Perth industrial investment held just over four years.
The Sydney based asset manager finished in the black – reaping $10.45 million for 248-250 Welshpool Road, Welshpool.
It paid $7.4m.
In mid-2024, it renewed one of the major tenants Veqtor Conveyors and Auto, to a three year lease with rent starting at $125 per square metre, per annum – a 23 per cent increase.
Natdrill and a café, Jumpin Beans, are also occupiers.
The buyer is another Sydney investor, Byrne Property, with links to Byrne Facilities Group.
The deal comes eight months since we reported Corval outlaid $34.6m for an industrial park at Bibra Lake, about 18 kilometres south west of Welshpool.
Charter Hall was that seller with Dutch pension fund PGGM, via their takeover of Irongate Group stapled securities in 2022 (continues below).
Irongate paid $26m, also in 2021, like 248-250 Welshpool Rd.
248-250 Welshpool Road
The Welshpool asset contains 4093 sqm of improvements.
The site spreads 7905 sqm also exposed to Orrong Rd.
Colliers’ Hayden Dick and Sam Hammond represented Corval.
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