A modern showroom in Perth’s north west Osborne Park sold for $11.75 million following a private treaty campaign launched last year.
The c6862 square metre mixed retail and industrial investment at 21 King Edward Road spreads over 1.06 hectares of Development zoned land, configured with 78 car parks.
Based on the fully-let annual return ($803,781 net, excluding GST), it is trading on a 6.8 per cent market yield.
With a variety of occupiers, including designer outdoor furniture retailer Cosh Living and recruitment, labour hire and contract service provider, Western Work Force, the weighted-average-lease-expiry is 3.27 years.
About six kilometres from the CBD, the property is near Westfield Innaloo where a $450 million expansion has been permitted.
Marketing agent Alex Gismondi of Transact Capital said Osborne Park is considered one of metropolitan Perth’s premier business precincts.
Other bulky goods businesses in the area include IKEA, JB Hi Fi, Harvey Norman, Officeworks and The Good Guys.
The suburb is serviced by the Glendalough trains station on the Joondalup line.
Scarborough Beach is about six kilometres west of 21 King Edward Road.