Fund managers trade Canning Vale warehouse

The Baile Road site spreads 1.53 hectares.

Harmony Property Investments has bought another Canning Vale asset.

The 1.53 hectare holding with a 5642 square metre office/warehouse at 48-50 Baile Road leased to a subsidiary of Brisbane based ASX-listed ALS Ltd fetched $12.3 million following an off-market campaign.

Westbridge Funds Management was the vendor; it paid $4.83m in 2005 for a single asset fund.

Adding income to the capital gain, the manager said unitholders enjoyed a 517 per cent return over the trust’s life.

“The ongoing cushion against borrowing costs has fuelled heightened interest in the Perth market, bolstered by sustained rental growth,” Cushman & Wakefield’s Nick Goodridge, who brokered the off-market deal, said.

“Although transaction activity during the first two quarters has been modest, liquidity in the Perth industrial sector remains strong with institutional investors, syndicators and high net worth individual’s actively seeking opportunities,” he added (story continues below).

Harmony and Australian Unity traded 2 Bliss Court, Derrimut, in November.

Harmony doubles down in Canning Vale

Harmony is managed by Adelaide-based MRS Property.

The Westbridge deal comes 18 months since the manager outlaid $14.7m for a 1.91ha, 4628 sqm investment at 198-202 Bannister Rd, Canning Vale.

That property is held in the Harmony Salisbury Fund, which in November we reported picked up its fourth property, in Melbourne’s west Derrimut, from Australian Unity for $18.5m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of