The property sale to Damien Cole Group has broken the suburb’s record for price per square metre at $1,735.
A local construction equipment and logistics company has bought a Belmont warehouse for a record-breaking $1,735 per square metre.
The sale of the 994 sqm industrial site at 67 Belgravia Street totalled $1.73 million, surpassing the record for Belmont industrial property in price per sqm.
South Guildford-based Damien Cole Group acquired the 365 sqm of office and warehouse space from Packon Pty Ltd, according to RP Data.
Australian Securities and Investments Commission records show East Perth’s Lianne and Raymond Gianoli are the directors of Packon.
Mr Gianoli is managing director of ProMet Engineers, while Ms Gianoli is director of Cellf Solutions, which she founded in 2018.
The couple ran Prime Laundry for two decades before selling the business in 2016.
RWC WA’s Chris Matthews and Liam Pittaway, who negotiated the deal, said the sale of 67 Belgravia Street was driven by the strategic location of the Belmont airport industrial corridor.
“Achieving $1,735 per sqm is a clear indication of how competitive the market has become for well-located facilities with immediate occupation potential,” Mr Pittaway said.
“The result exceeded expectations and highlights the depth of demand in this asset class.
“We’re continuing to see owner-occupiers driving the market, particularly for well-located standalone sites with functional improvements.
“Scarcity of stock is pushing values to new levels, and this transaction is a perfect example of that trend."
RP Data shows Damien Cole Pty Ltd, a controller of DCG, has four manufacturing assets in South Guildford and an office which is on the market in East Perth.
