Tonkin Highway Industrial Estate launches
September 12, 2018
Hesperia’s Tonkin Highway Industrial Estate has launched, with the precinct more than 70 per cent sold.
The 40-hectare estate is one of Perth’s most central and accessible industrial precincts, bounded by Railway Parade and Tonkin Highway.
The property was acquired from Wesfarmers in late 2016 for $45 million, following full remediation of the former superphosphate production site.
Hesperia worked closely with the City of Bayswater to deliver a high-quality estate with a particular focus on landscaping and street trees, supporting the council to achieve its aim of increasing the amount of tree canopy coverage in the city by 20 per cent in five years.
Increasing demand for quality industrial land within the Perth metropolitan area supported sales at Tonkin Highway, with primary demand coming from mining services firms and logistics-based warehousing, and increased investment from self-managed super funds.
Hesperia managing director Ben Lisle said the estate had also benefited from significant interest from the food industry, securing four buyers from that sector due to the estate’s proximity to the Perth CBD and Perth Airport. He said the estate being fully gas reticulated also made it more attractive to food services firms.
Mr Lisle said anticipated remaining lots would be absorbed in the coming nine months and the estate would be built out not long after.
“If you look at all our estates – this is our fourth – we tend to operate at the mid to upper end of the market and people tend not to buy just to sit on it,” he said.
“The price point means the quality of build is also high, because people do not want to compromise on the build.”