​​Conjunctional Agents Colliers and RWC WA Sold Prime Development Site at 144 Carrington Street, O’Connor

An exceptional opportunity is secured for a substantial 4.29ha vacant development site in Western Australia.

Colliers and RWC WA, acting on behalf of our esteemed client as advisor to Elsted Pty Ltd, are pleased to announce the sale of 144 Carrington Street, O’Connor.

This rare 4.29ha* site, strategically positioned on the major arterial route of Carrington Street, directly opposite the prestigious Royal Fremantle Golf Course, is the largest sale in WA for an industrial land holding in 2024.

The transaction was expertly managed by Colliers’ State Chief Executive Richard Cash, and Director of Industrial & Logistics, Sam Hammond and RWC WA’s Director of Capital Markets, Brett Wilkins and Joint Managing Director Stephen Harrison. The asset was acquired by a local owner-occupier, underscoring the ongoing demand for industrial properties in Western Australia.

Colliers Director of Industrial & Logistics WA, Sam Hammond said “This is one of the most significant industrial landholdings to come to the market in the past 12 months. We are thrilled to announce that the campaign has generated substantial interest, resulting in multiple offers and culminating in a successful sale at record pricing.

“The high level of interest and competitive bidding underscore the property’s exceptional value and strategic importance. This sale not only highlights the robust demand for prime industrial land but also reflects the confidence investors have in the potential for growth and development in this sector.”

Colliers State Chief Executive, Richard Cash said “The property, occupying a prominent corner site with 4.29 hectares* and multiple street frontages, was a highly desirable development site with multiple uses. The successful sale of this property underscores its significant value and potential, representing a prime opportunity for investors and developers looking to capitalise on a rare and valuable land holding in a thriving market.” RWC WA’s Director of Capital Markets, Brett Wilkins said “The sale of 144 Carrington Street underscores the strong demand for prime industrial land in Western Australia. This property’s strategic location, combined with its significant land area, made it a highly sought-after asset. The competitive bidding process reflects the confidence that local and national investors have in the long-term potential of the industrial sector in this region.”

He added, “This transaction is a clear indicator of the robust market conditions we are currently experiencing. The successful acquisition by a local owner-occupier highlights the ongoing trend of businesses seeking to secure key industrial sites for their operational needs, further tightening the supply of quality industrial land in Perth.”

RWC WA’s Joint Managing Director, Stephen Harrison said “The sale was the result collaborative and well structured campaign, conducted in a tight market.”

Perth’s Industrial and Logistics market has seen substantial growth in recent years, with demand significantly outpacing supply. The resource sector’s influence on WA’s economy contributes to greater volatility in the delivery of new supply compared to East Coast capital cities. Additionally, competition from owner occupiers, rather than developers, for core development opportunities further impacts supply levels.

During economic downturns, supply contracts and often fails to meet demand once conditions improve, primarily due to construction lead times and land availability.

Mr. Hammond notes, “The market tightness is likely to persist with a limited release of future supply. Strategic forward planning will be essential for maintaining operational excellence and securing land sites for expansion plans for businesses.”