The sale of a Tonkin Highway industrial land estate has been hailed as a sign of confidence in the WA market.
The 14,784sqm industrial development site with exposure to the highway sold for more than $8.1 million.
Raine & Horne Commercial said the sale of 7 Radius Loop in Bayswater was a record price for a parcel of land of that size in that location.
It was bought by a local developer, who is re-engineering the site layout to incorporate two industrial warehouse developments and release two smaller lots back into the market.
Selling agent Simon Matthews said Raine & Horne Commercial had been involved in the land estate from its inception and development to completion.
“This transaction represents only the third resale of land in the estate and we look forward to seeing the new owners’ development ideas come to fruition,” he said.
Raine & Horne Commercial director Anthony Vulinovich said the sale showed the confidence that local developers had in the WA industrial market.
“The industrial land market has gone from strength to strength, with recent sales indicating a price land bump at circa 20 per cent year on year from 2023 to 2024,” he said.
“Our office has numerous land requirements from 1500sqm up to 10,000 sqm that we can’t place, as land for sale continues to be in limited supply.
“We hope with the recent land value increases, some owners may decide to cash out of the market and we experience a land or property supply increase.”