Industrial Facility in Perth’s North Leased in One Week, with 38% Rental Uplift as Occupier Demand Continues

An industrial property in Perth’s northern suburbs has secured a new tenant within a week of the launch of a leasing campaign as occupier demand for well-located industrial facilities continues.

Heatseal | Double Glazed Windows and Doors will move into the warehouse/office premises at 51 Innovation Circuit in Wangara in an expansion move, with the business already occupying another nearby facility in Wangara.

The leasing deal, which will see the new tenant occupy the property for an initial period of 3 years at a commencing net rent of $110,000 plus GST, was negotiated by Lachlan Lewis and Geoff Thomson of Knight Frank.

The 1,556sq m Wangara property has 876sq m of gross lettable area, including 644sq m of high truss clear span warehouse space, with the remainder being office or showroom space, as well as amenities and storage.

Mr Lewis said the current tenant, Climateframe Double Glazing, had decided to relocate due to a business expansion, and the new tenant snapped up the space immediately after it went on the market.

“The new tenant was secured within a week of the marketing going live, with the lease commencing within a month,” he said.

“Knight Frank had an exceptionally high level of enquiry for the property as soon as it hit the market, with 21 interested parties and many disappointed tenants that missed out.

“The strong demand led to a 38% uplift in the net passing rent achieved for the landlord.

“Key attributes of the property such as its age, the mix of office/warehouse/yard space, high-profile location and underlying demand for the Wangara/Gnangara/Landsdale industrial precincts were the main drivers of the overwhelming demand received.”

Knight Frank’s latest research found prime rental growth in Perth over Q4 2024 was the strongest in the North, with rents rising by 1.75% and 7.4% over the 12 months to the end of 2024.

Mr Thomson said the Wangara industrial facility was suitable for a wide range of light industrial tenants, with some of the spaces able to be used for either showroom or office.

“This property also had the added advantage of a large carpark area, providing space for 17 single bays or multiple container laydown sits inside the front perimeter fence,” he said.

“Wangara, situated around 20 kilometres north of the Perth CBD and 10 kilometres from Joondalup, is one of city’s most sought-after industrial areas.”