Vacant Butcher Street property to be refurbished and leased
A long-vacant industrial property at Kwinana Beach, just south of Perth, has sold for $4.5 million and is now back on the market, this time for lease.
The property at 1 Butcher Street, a 2.62ha industrial site with 8142sqm of sheds and warehouses and a 500sqm office, was sold by Colliers International’s Justin Mabarrack and Greg O’Meara.
“Because of its size and the general industrial zoning, there was a good level of interest in this property, which has frontage to four streets, including a long boundary to Mandurah Road,” Mr O’Meara said.
The property had been vacant for several years and had been listed for sale on two other occasions, including a marketing campaign run by Colliers International.
“During the vacancy, the buildings fell into disrepair, but the new owners are keen to refurbish the property and find a new tenant,” Mr Mabarrack said.
The property was purchased by Perth investors and the sale price reflected an improved rate of $172/sqm.
Mr Mabarrack said the industrial market in Kwinana Beach would soon be home to a new lithium hydroxide processing plant being built by Tianqi Lithium Australia.
“The big industrial sites at Kwinana Beach have attracted a range of businesses and with the supply of lithium for the electrical vehicle and power storage industries now added to the lineup, we are expecting more demand to lease and buy in the area,” he said.