Westbridge Funds Management has added a 55,723 square metre site in Welshpool to its portfolio, acquiring the industrial asset for $37 million.
Westbridge has today settled on the 404 Orrong Road, Welshpool purchase which includes a 9,930 square metre gross lettable area and is currently fully leased across 11 tenancies including Kennards.
It takes the fund manager’s newly launched Welshpool property fund total to $640 million in assets under management.
The estate is situated 11 minutes away from Perth Airport and eight minutes from Kewdale Intermoda Freight Terminal.
Wesbtridge chair Damian Collins said the fund offered the chance to invest in a significant strategic industrial estate.
“Industrial property in Perth was performing strongly before COVID-19, and the pandemic has only served to bolster what is rapidly shaping up as an undersupplied market,” Mr Collins said.
“Westbridge Funds Management has forged a reputation for maximising the value of commercial property assets, and the team behind the Welshpool Property Fund believe the nature of the site provides exciting opportunities to add value through repositioning and further development.”
