Media release - Perth, WA (17 April 2017)

New Perth industrial estate valued at $120 million offers rare investment opportunity

Tonkin Highway Industrial Estate is a 36-hectare site worth $120 million.
28 lots valued at more than $25 million were sold prior to the estate’s official market launch.

The estate represents one of the last industrial land opportunities close to the Perth CBD.

Tonkin Highway Industrial Estate in Bayswater, Perth, is selling fast, with $25 million worth of sales achieved even before it hit the market, according to selling agent, Anthony Vulinovich, Director of Raine & Horne Commercial WA.

“Prior to release on the open market this week, we undertook a short off-market sales campaign with selected buyers. There was a very high level of uptake from those approached, resulting in 28 sales of lots ranging from 1,110 to 20,000 square metres,” said Mr Vulinovich.

“The Tonkin Highway Industrial Estate represents a one-off opportunity for corporates, owner-occupiers, developers and investors to secure affordable industrial land within a landscaped business park just 8 kilometres from the Perth CBD, and on one of the city’s main logistics routes. It’s Perth’s best-located industrial estate.

“Bayswater is significantly undervalued historically as a commercial precinct despite its proximity to the CBD and the fact that on a daily basis around 70,000 motorists use the Tonkin Highway, which provides connections to Roe Highway, Reid Highway, Great Eastern Highway and Leach Highway.”

Tonkin Highway Industrial Estate is 800 metres from a station on Perth’s eastern train line and 3 kilometres from Perth Airport. It also has access to a strong workforce nearby.

“Given the shortage of zoned industrial land close to the Perth CBD with access to key road networks, the remaining lots within the Tonkin Highway Industrial Estate provide a rare and exciting investment opportunity,” said Mr Vulinovich.

The estate will feature landscaped open areas, entry statements, on-street parking, substantial street trees and flexible general industrial zoning. Specialised planning precincts within the estate will accommodate buyer versatility, with higher office ratios, reduced street setbacks and generous plot ratios, according to Mr Vulinovich.

“The estate provides more flexible lot sizes and development options that are customised for buyers and developers than comparable precincts such as Kewdale, Welshpool or Malaga and Bassendean,” he said.

“Moreover, lots within the estate have been priced below historic land prices in Osborne Park, Balcatta and Belmont, which are the only industrial locations comparable in terms of proximity to the CBD.”

Tonkin Highway Industrial Estate is being developed by Linc Property[i], a Western Australian firm specialising in the development of high-quality industrial estates. The developer’s commercial projects include Landsdale North Industrial Estate, Northlink Industrial Park, Swan Brewery Industrial Estate and the South Central and Midland Central large-format retail centres.

Linc Director Ben Lisle said, “We have been interested in the redevelopment of this site for more than 10 years. This is a very rare opportunity to acquire centrally located industrial land, and we have been extremely pleased with the level of commitment and strong interest pre-launching the open market campaign.

“We have been working closely with the Bayswater Council and our highly skilled consultant team to create an estate that will deliver high-quality landscaping and design outcomes, positioning Tonkin Highway Industrial Estate as Perth’s best new industrial address.”

For further media information contact:

Anthony Vulinovich, Director, Raine & Horne Commercial WA on 0411 516 343

[i] http://www.lincproperty.com.au/