Media release - Friday 8 June, 2012
Raine & Horne Commercial is selling a rare piece of Perth commercial real estate comprising five separate vacant lots, from 3,500 to 4,600 sqm, with a total land area of 19,380 sqm.
In a sign of the booming times not only for Perth’s industrial markets but the Western Australian economy, which is growing at a staggering 14.5% over the last year, this unique commercial opportunity, located on Balcatta Road and Mumford Place at Balcatta, will be sold via ‘offers to purchase’.
Prospective purchasers can submit offers to either Raine & Horne Commercial WA, or joint agents Harcourts, to buy one lot, the whole site of 19,380 sqms, or any combination of the five lots offered for sale, with the ‘offers to purchase’ marketing period closing on Thursday 12th July 2012.
According to joint selling agent and Director of Raine & Horne Commercial WA, Anthony Vulinovich, the timing of the listing is perfect as commercial property markets in Western Australia are very strong in sectors which are either directly or indirectly involved in mining services, contracting or support.
“The Balcatta land sale is one of the most significant and anticipated sales listings to hit the Balcatta market in five years.
“It is also unique, as it gives growing businesses an opportunity to acquire, custom design and construct their premises with their required commercial ratios,” said Mr Vulinovich.
Moreover, Balcatta is fast becoming a prime commercial and industrial hub, particularly given that it is only 10 kilometres north west of Perth, while the property is serviced by the excellent road system built around the Mitchell Freeway and the Reid Highway.
“Balcatta is a preferred position given that many buyers have to buy improved land in these inner metro established areas and either extensively refurbish the property to suit, or demolish and re-build,” said Mr Vulinovich.
“The commercial mixed business zoning was only introduced in recent years and allows a variety of uses including office, showroom and warehouse opportunities, together or singularly, subject to council approvals.
To put the opportunity into perspective, says Mr Vulinovich, a potential buyer can build a warehouse on the land, or alternatively, a showroom/office.
“It is a totally unique zoning opportunity and is only specifically allocated within the City of Stirling to certain well located, highly exposed land parcels.
“The sale process and time for offers allows buyers to investigate the site’s potential within this zoning prior to making offers,” he adds.
The lots, according to Mr Vulinovich, will undoubtedly attract interest from developers looking for a unique opportunity to build on one of the last parcels of vacant land in the established and sought-after Balcatta commercial precinct.
“Raine & Horne Commercial have sold and settled over $15 million worth of Balcatta commercial property over the last two years, and all those sales have included buildings that are either well established, or effectively require significant funds or demolition and site works,” said Mr Vulinovich.
“These lots are ready to build on straight away, and if buyers miss this land opportunity, another one may not come up until next decade.”
The sellers are a local family-owned company, who have held the land since its development by Cedar Woods Properties Pty Ltd some eight years ago, and the sale represents a realisation of the asset given strong demand for land in the area.
For further media information contact:
Anthony Vulinovich, Director, Raine & Horne Commercial WA on 0411 516 343
Andrew Harrington, National Marketing & Communications Co-ordinator on 02 9258 5400
Raine & Horne Commercial knows local and regional property markets intimately, with the support and systems of a long-established national and international property group. Our clients benefit from our network strength, which allows substantial cross-flow of international referral, advice and investment.