NEWS

Ascot Capital pays $25.5 million for Wangara industrial portfolio

Colliers International records $253 million of investment industrial sales in the past 18 months.

Ascot Capital has purchased a WA industrial portfolio in a counter-cyclical off-market deal negotiated by Colliers International.

The three Wangara industrial properties have a total value of $25.5 million and the purchase was Ascot Capital’s first WA investment in several years.

Colliers International Director Industrial Agency Raj Singh said the sale represented a yield close to 7.5 per cent and reflected strong demand for leased investment properties.

“Investors are keen to purchase leased industrial properties and with supply limited, they are receiving a lot of interest when offered for sale,” Mr Singh said.

“This latest sale brings the total value of leased industrial properties sold by Colliers International in the past 18 months to $253 million, which represents more than 70 per cent of investment sales in the industrial sector.”

The biggest of the properties, a 3.5ha industrial facility at 23 Destiny Way is leased to ASX-listed labour services and equipment hire company Global Construction Services Limited and sold for $15.1 million.

23 Destiny Way Wangara

The sale also included 50 Triumph Avenue, which sold for $6.65 million. The 7599sqm industrial property is leased to i-Tech Services which supplies engineering products and services to the oil and gas industry and is a division of the Subsea 7 Company.

The third property was 56 Triumph Avenue, a 5835sqm property leased to Glass Processing Australia, which sold for $3.75 million.

Ascot Capital Director Peter Agostino said the portfolio would be held by a syndication fund and was the property group’s first WA investment for several years.

“We’ve made seven acquisitions in the past 18 months but they have all been interstate,” Mr Agostino said.

The vendor was not disclosed.

Ascot Capital Director Greg King said properties in the portfolio had modern facilities with long leases to quality tenants.

“We see the industrial property markets in Wangara and Perth as a counter cyclical opportunity,” Mr King said.



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