Sales at the Swan Brewery Industrial Estate have surpassed $70 million, with 55 lots at the Linc Property-developed estate sold since August last year.
The sales have been coordinated by Raine & Horne Commercial, with the 55 lots totalling 14.7 hectares and making up the first two stages of the development.
Raine & Horne Commercial director Anthony Vulinovich said the sales rates reflected strong demand for industrial land within 20 kilometres of Perth’s CBD.
“Sales have been to a cross-section of buyers from active industrial developers, owner-occupiers and investors,” Mr Vulinovich said.
“Outside the estate in the prime Canning Vale industrial area there is only 7,000 square metres of vacant land for sale.
“The Swan Brewery Industrial Estate represents a unique opportunity to acquire land on affordable and attractive terms within Canning Vale.”
“This is unlikely to last, given the sales rates being achieved.”
The only other large-scale industrial land available in Canning Vale is not officially on the market, and is associated with the state government’s sell-off of Market City.
Last month, five bidders were shortlisted as part of the Market City sales process, including one of Kerry Stokes’ investment vehicles, diversified property group Stockland, DEXUS Property Group, and Sydney-based Propertylink.
The Market City site covers more than 50ha, with 13ha of that vacant and available for development.
The state government is expected to announce its preferred proponent early next year.
Meanwhile, at the Swan Brewery estate, Linc Property has begun civil works for its third stage, with first titles expected at the start of next year.
Linc Property director Ben Lisle said the third stage was comprised of 12 smaller lots, ranging from 1,100sqm to 4,000sqm, as well as three larger lots of between 1.1ha and 2.1ha.
“We have already secured a number of sales off-market and anticipate the balance of the stage to be absorbed in the coming months,” Mr Lisle said.
“We expect strong interest from both developers and larger owner-occupiers looking to achieve a long-term position in this limited estate offering.”
Dan Wilkie / Business News – Western Australia