1 February, 2019, Perth – The transition of the O’Connor industrial area into a more modernized, commercial/industrial precinct has taken another step forward with the sale of a large, 11,000 square metre site by Knight Frank.
The property includes three lots at 3, 7 and 9 Murphy Street, which is located between Carrington Street and Stockdale Road, close to Leach Highway.
It was purchased for $4.18 million by an established commercial developer with plans to build a range of small, modern, industrial units on the site.
Knight Frank Director of Sales & Leasing, Industrial – Scott Bailey, said the property currently featured multiple older style workshop of approx. 4,600 sqm and secure hardstand.
He said this is a classic CBD fringe industrial location transitioning from old school industrial uses to more modern, commercial/industrial uses.
“This property attracted significant interest due to its sub-division potential, excellent location and short-term holding income,” Mr Bailey said.
“The sale price reflects an improved land value of $378 per square metre, which is consistent with other large site sales.”
Mr Bailey said O’Connor was ideally located for commercial/industrial operations and the development of a small scale industrial park with units for owner-occupiers who may live in close proximity would work very well.