Large land holding sold in Bibra Lake, Perth Western Australia
41 Miguel Road, Bibra Lake has sold to a private owner occupier with significant value-add opportunity
PERTH, 22 JULY 2020 – A private owner occupier has acquired a large land holding located at 41 Miguel Road, Bibra Lake. JLL is pleased to announce the sale of this office/workshop facility in the heart of Bibra Lake which due to the underdeveloped nature of the property presented a value-add opportunity to the buyer.
JLL Industrial Agents, Nick Goodridge and Jeremy Parasiliti sold the asset via a competitive ‘Offers Invited’ campaign that yielded several offers throughout the sales campaign
JLL’s Head of Industrial WA, Nick Goodridge said, “This transaction reinforces the underlying demand and high levels of liquidity we are currently experiencing in the Perth industrial sector. The property presented an opportunity to acquire an underdeveloped site with value-add and development potential.”
The property featured 1,186 sqms of office/workshop on a significant 10,800 sqm landholding. The workshop maintained a 10 tonne gantry crane in-situ. With the lack of purchase opportunities for workshops with cranes currently in the market the property reflected a great opportunity to acquire a workshop with significant bitumised hardstand and laydown area suitable for a variety of heavy product.
JLL’s Industrial Associate Jeremy Parasiliti said, “It is uncommon for landholdings of this size to come to market in the Bibra Lake precinct and this was reflected by the large volume of interest we received on this opportunity.”
“The ‘pause button’ effect that was clearly evident throughout the early stages of the COVID-19 pandemic has lifted, and we are encouraged by the depth of the buyer pool for this particular asset. and We are working closely with a number qualified under bidders looking for similar opportunities in Perth’s southern corridor,” said Mr Parasiliti.
The 41 Miguel Road benefits from close proximity to Spearwood Ave, Stock Road, Kwinana Freeway, Fremantle Ports and South Street.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com