Apartment Complex in WA’s Resource-Rich Pilbara Region Hits the Market

A South Hedland complex with 100 percent occupancy and circa $2.8 million Net Operating Income has been listed for sale. 
 

A modern, high-yielding apartment complex in one of Australia’s strongest regional economies is being offered for sale, comprising 77 fully strata-titled units in South Hedland. 

Known as Concorde South, the 10 Forrest Circle property is a five-storey complex built in 2014, with a strong leasing profile supported by corporate and government tenants. The complex is currently fully occupied, generating a forecast 2025/26 net operating income of circa $2.8million, with potential for this to increase via scheduled rent reviews. 

JLL’s Nigel Freshwater, Sean Flynn and Jack Bergin, together with Wayne Lawrence of Cygnet West, have been exclusively appointed to manage the Expressions of Interest campaign. 

Mr Freshwater said the property offered investors a secure income stream and strong potential for capital uplift in a tightly held market. 

“This is an opportunity to enter or expand in the Pilbara region at well below replacement cost,” he said. 

“Concorde South has benefited from over 99 per cent annual occupancy over the last five years, and recent energy efficiency upgrades that reduce operating cost and enhance its sustainability credentials.” 

The property sits on a 5,378sqm landholding zoned ‘Centre’ under the Local Planning Scheme No.7, with connectivity via Hamilton Road and proximity to Port Hedland’s town centre and international airport. It includes 35 one-bedroom, 36 two-bedroom, and 6 three-bedroom apartments, each with a secure storage unit and access to 83 onsite car parks. 

A $432,000 capital expenditure program completed in 2023/2024 delivered a 166kW solar array and additional infrastructure upgrades, reducing annual utility costs by an estimated $132,000. 

Mr Lawrence said the combination of strategic location, rental uplift, and strata flexibility set the offering apart from other regional assets. 

“The property’s modular construction and strata-titled format provide the option for future divestment, while high construction costs across the region limit new supply, adding to its long-term appeal,” he said. 

Tenants include WA Country Health, Alinta Energy, REMA Tip Top, and Cropline, with the complex professionally managed by Hedland First National. 

Mr Flynn added, “It’s been recently reported that Hedland’s median weekly rental has reached over $960, and with the Pilbara region boasting an estimated $258 billion project pipeline, with $42.7 billion already committed or under construction, there’s no end in sight to tenant demand.” 

Jack Bergin, JLL’s Head of Living Australia said, “We continue to see strong investor appetite for Australia’s Living sector, as investors seek exposure to the strong tailwinds provided by the nation’s housing sector and chronic undersupply.” 

Mr Bergin added, “Western Australia, particularly in certain submarkets, offers attractive returns relative to east coast markets, underpinned by strong rental demand, low vacancy rates and rental growth.” 

The 100% freehold interest in Concorde South, 10 Forrest Circle, South Hedland is offered for sale via Expressions of Interest, closing 2pm (AWST) Thursday 18th September 2025.