A Bayswater industrial facility has sold to east coast-based company Tempe Tyres for $10.6 million, where the tyre company will house its new premises.
Prada Constructions vehicle Tonkin Property Group sold the 8,041 square metre site at 20 Wicks Street, via JLL.
The seller purchased the property in 2017 for $3.1 million, building an architecturally designed industrial facility on-site.
JLL Logistics and Industrial associate director Ross Palframan, who brokered the off-market deal, said improved access to capital was driving a resurgence of owner-occupier demand.
““The past few years of the pandemic has changed the landscape for the industrial property sector, making it a beneficiary from the boom in online retail,” he said.
“As the eCommerce tailwind continues, this is fueling greater demand for efficient logistics facilities.”
“The sale reinforces this global thematic and echoes current market conditions in Western Australia.”
Mr Palframan said Tempe Tyres was one of Australia’s largest online tyre retailers and had limited options of existing facilities it could occupy within a short time frame.
“Despite the property not being marketed for sale, the overall land scarcity and lack of existing facilities within the current market meant the property was a unique opportunity that was unlocked off-market,” he said.
Prada Constructions managing director Michael Taddei said his company saw the site as a strategic location for a speculative industrial investment, as Tonkin Highway was being upgraded.
“Understanding corporate business is our priority when designing our buildings,” he said.
“We knew this development was likely to attract an occupier that had high traffic flow from heavy loaded freight trucks.
“Working with the land developer we adjusted the plan and adapted the site to support truck access and vehicle flow.
“The dual road access is a highly functional design element, as it supports the efficiency of inbound and outbound distribution.”
The property is accessible via Tonkin Highway, Collier Road and Guildford Road.
