Situated in the premier Industrial district of Canning Vale, 30 Magnet Road is presented as a prime property location for the opportunistic investor, particularly in a market with low supply. Realmark Commercial’s Industrial Specialist Wayne Chorley has recently sold the property to an eastern states investor for $5.150 million.
Mr Chorley had a longstanding relationship with the seller, working closely to provide property services and advice across the owner’s portfolio whenever required.
While previously listed with another agent without success; the owners sought out Wayne for his knowledge and experience. The property had for many years been used for manufacturing particularly for food production. In consultation with the Owners, a strategy to complete a substantial upgrade of the facility to align it to current expectations and specifications, and letting plan was actioned before the property was brought to market in late 2021.
Taking the time and investing in the property to complete the upgrade took patience and faith in Wayne’s advice.
The next phase of the plan was to bring the property to market as a leased investment.
“With the market in such a high demand for properties like Magnet Road, we advised the owner on splitting the property into two tenancies,” he said. “This then presented more options for the leasing team to attract tenants.”
Mr. Chorley leased the premises to a pet food company and a refrigerated transport company on two separate 10-year leases with a net income in excess of $300,000.
With the pieces of the plan now executed, Mr Chorley brought the property back to market as an upgraded leased investment, and executed a multifaceted marketing campaign across press and digital as well as targeting active investors.
As a result, they generated multiple offers securing a sale to an east coast buyer for a 6% return.
“After being on the market for so long, it was fantastic to take charge of this property and secure a fantastic result for the client, who had faith in executing a comprehensive staged plan” Wayne continued.
The owner, Richard Pace, noted “We appreciated Wayne's efforts and would not have achieved the result without Wayne advocating a considered process”.
To learn more about the transaction, contact our Industrial Director Wayne Chorley on 0423 252 253 or wchorley@realmark.com.au. View Wayne's profile here: https://commercial.realmark.com.au/agent/17439/wayne-chorley