ESR sheds Perth warehouse
ESR has shed an east Perth industrial investment held nine years.
Leased to Royans, but before that CAT as part of a major truck service workshop, the 1.38 hectare Kewdale holding traded off-market for $9.055 million – a yield of 5.5 per cent, according to the marketing agents.
It previously traded for $6.9m.
Royans committed in late 2021.
Development upside
A workshop, warehouse and office/showroom, containing a total 2575 sqm, sit on the Kewdale property, 514 Abernethy Road.
“The property was acquired by a local private…investor with the transaction highlighting the arbitrage in pricing metrics between private capital buyers and syndicator/fund style purchaser models,” Cushman & Wakefield’s Nick Goodridge and Andrew Fife, said.
“This buyer segment is highly active, extremely well capitalised and prepared to move decisively on strategic opportunities and we expect this trend to continue particularly for long WALE, core industrial assets in the sub-$20m range,” they added.
Kewdale is about 10 kilometres east of town, near Perth Airport.
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