Local investor and business owner Arul Samy bought the 4,538sqm property on a 5.85 per cent yield.
The owner of engineering company VinEngineering has bought a Canning Vale industrial warehouse for $4.1 million from Jon Edwards Investments, with a view to occupying the site in future.
Arul Samy, managing director and owner of VinEngineering, purchased 42 to 44 Wittenberg Drive, where Kempe Engineering recently extended its lease after 10 years in the building.
The 4,538 square metre property includes a 800sqm hardstand, a 1,230sqm high-truss workshop, 208sqm of office space, plus 176sqm of amenities.
Ray White Commercial WA’s Michael Danagher, Tom Jones, and Lachlan Burrows brokered the deal.
“Strategically located in close proximity to the Roe Highway transport route, its excellent infrastructure and advantageous location ensure a consistent income stream, as the property has never experienced a vacancy since its construction,” Mr Danagher said.
“The property was purchased by a local investor who may have a future use for the building himself.”
Mr Jones added that the property received widespread interest, as industrial investments continue to perform well in Perth.
“The market is being driven along both by owner-occupiers and investors who can see rising yields and future capital growth resulting from the increasing rents that are in evidence in all industrial property areas in WA,” he said.
“We received over 60 enquiries and sold the property cash-unconditional before the third week of the EOI campaign.”
