Karratha industrial property goes to market

Industrial complex occupies 7ha site and has logistic and office space on Pilbara scale.

In one of Karratha’s biggest real estate deals, a seven hectare industrial property is being taken to market by Colliers International.

The warehouse and logistics property at Lot 105 Exploration Drive is one of the anchoring developments in Karratha’s industrial market.

Located in the Gap Ridge Industrial Estate, which was established by LandCorp to service the Pilbara’s expanding economy, the property will be sold via an expression of interest campaign steered by Colliers International agents Raj Singh and Wayne Chorley.

Owned by the Canci Group and developed in conjunction with Maintenance and Construction Services Australia Pty Ltd, the property has a 200m frontage along Exploration Drive and 25,000sqm of concrete hardstand and 29,470sqm of compacted road-base hardstand.

Designed to meet the Pilbara’s large scale industrial operations, the property is accessible for triple-B road trains and has a back-up diesel generator. It is secured by alarms and CCTV surveillance and has 40 parking bays.

The 6037sqm of gross lettable area also includes a 2511sqm warehouse with a 12m truss and a 228sqm mezzanine. The 488sqm of office space has been finished to a high standard and includes eight offices and two open plan areas.

The warehouse contains a 278sqm storage area for dangerous goods and a 234sqm insulated store room with temperature and humidity control.

“This facility was built to service logistics and given its size and covenant, we think there will be strong interest in the sale,” said Mr Singh.

The property has two leases: with renewal options held by its present lessee and a weighted lease expiry of approximately eight years.

A 10-year lease for the warehouse runs until 2024 while the lease on the laydown yard expires in 2018.

Mr Chorley said the property would be one of Karratha’s biggest sales and with lease renewal options, was expected to generate strong interest from local and off-shore buyers.

“While oil and gas, iron ore and sea salt mining are Karratha’s dominant resources, its economic base is diversifying with State Government funding and private investment promoting new agriculture and irrigation ventures, tourism and residential amenities,” Mr Chorley said.

Gap Ridge Industrial Estate is 9km from the Karratha town and 2km from the airport and at 260 hectares, is one of the largest industrial estates outside of Perth.

Mr Singh said surplus land at the Exploration Drive property also offered future development potential.

“There are not many opportunities on this scale in Karratha and there will be strong demand for this asset,” he said.

Expressions of interest close on Friday, August 12

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